Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Indian Hotels Company, Gujarat Gas, and Chambal Fertilisers
Buy or sell on Lok Sabha Election result: Following strong global market sentiments, better-than-expected Indian GDP numbers and exit polls giving the third term to the Narendra Modi government, the Indian stock market registered a robust rally on Monday. The Nifty 50 index logged its best session in over three years as the 50-stock index ended 733 points higher after touching a new high of 23,338. Other two frontline indices also touched new record highs. The BSE Sensex registered over 2500 points gain and touched a new high of 76,738 during the Monday rally. The Bank Nifty index surged around 2000 points and made a new lifetime high of 51,133 on the penultimate day of the Lok Sabha Election result.
Vaishali Parekh’s stocks to buy
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher, believes that the Nifty 50 index has exceeded the previous peak zone of 23,100, which signifies a strong trend. Prabhudas Lilladher predicted a further rally on the Lok Sabha Election results date if the outcome is in sync with the Exit Polls 2024. Vaishali said that the next target for Nifty today is 23,500 to 23,800. She said Bank Nifty today may trade in the 50,400 to 51,800 range.
On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks: Indian Hotels Company, Gujarat Gas, and Chambal Fertilisers.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index witnessing a huge gap up opening, has breached above the previous peak zone of 23,110 levels to scale a new high creating history on the eve of the Lok Sabha election outcome day signifying strong trend and is anticipated for further rise in the coming days. The index would have the next targets of 23,500 and 23,800 levels open on the higher side with the 22,800 zones maintained as the crucial support zone.”
“The Bank Nifty index has gained strength, achieving the 51,000 landmark, and has next targets of 52,600 and 53,500 levels in the coming days. The index with the bias turned strong and expected a further rise, with the 49,600 zone as the crucial support from current levels,” said Parekh.
Parekh went on to add that today, Nifty’s immediate support is at 23,100, while the resistance is at 23,500. The Bank Nifty would have a daily range of 50,400 to 51,800.
Buy or sell stocks by Vaishali Parekh
1] Indian Hotels Company: Buy at ₹576.50, target ₹600, stop loss ₹565;
2] Gujarat Gas: Buy at ₹569.50, target ₹595, stop loss ₹558; and
3] Chambal Fertilisers: Buy at ₹407, target ₹430, stop loss ₹397.
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