Buy or sell stocks: The key benchmark indices of the Indian stock market ended with marginal gains in a highly volatile session on Friday. The Nifty 50 index added 12 points and closed at 24,346, the BSE Sensex finished 259 points higher at 80,501, while the Bank Nifty index ended 28 points higher at 55,115. Among sectoral performers, media, energy, IT, and oil & gas posted gains of 0.3–0.7%. On the other hand, power, metal, telecom, pharma, realty, and consumer durables sectors saw losses ranging from 0.5 to 2%.

Stock market today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is sideways to positive as the Nifty 50 index faces a hurdle at 24,350. The Prabhudas Lilladher expert said that Dalal Street sentiment would remain cautious to positive until the 50-stock index breaks above 24,400 decisively. The near-term support for Nifty today is placed at 24,050 levels.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again, after witnessing a volatile session during the day, finding resistance near the 24,600 zone settled near the 24,350 level to end on a flat note and with overall bias maintained with a cautiously positive approach, need to wait and watch for further developments. As mentioned earlier, the index would need to breach and close above the 24,400 zone decisively, having the near-term support near the important 200-period MA at 24,050, which needs to be sustained as of now to maintain the overall trend intact.”

“The Bank Nifty index, after opening on a positive note, found resistance near the 55700 zone and, with some fluctuations witnessed during the trading session, closed near the 55100 zone once again with the overall trend still maintained intact, having the important near-term support at the 54500 zone which needs to be sustained. As mentioned earlier, the index would need a decisive breach above 55700, which, when confirmed, can be expected to trigger another fresh round of momentum in the coming days,” said Parekh.

Parekh said that support for Nifty today is placed at 24,200, while the resistance is at 24,600. The Bank Nifty would have a daily range of 54,600 to 55,700.

Vaishali Parekh’s stock recommendations today

Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks: Chalet Hotels, RCF, and HBL Engineering.

1] Chalet Hotels: Buy at ₹800, Target ₹835, Stop Loss ₹782;

2] RCF: Buy at ₹138, Target ₹145, Stop Loss ₹135; and

3] HBL Engineering: Buy at ₹493, Target ₹515, Stop Loss ₹484.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.