Buy or sell: SBI Life to Grasim — Vaishali Parekh recommends three stocks to buy today — April 9
Buy or sell stocks for today: Following positive global market sentiments, the Indian stock market ended higher on Monday. Two out of three frontline indices hit a new lifetime high and the market cap of the BSE-listed stocks crossed ₹400 lakh crore. The Nifty 50 index touched a new lifetime high of the 22,697 mark and finished 152 points higher at the 22,666 level. The BSE Sensex also climbed to a new peak of 74,869 during Monday deals and ended 494 points north at the 74,72 mark. In the broad market, the small-cap index climbed to an intraday high of 46,410 level and came close to its lifetime high of 46,821. However, the mid-cap index finished 0.26 percent higher after hitting a new high of 41,113 in the previous session.
Vaishali Parekh’s stock recommendations today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has become strong after the Nifty 50 index touched a new high on Monday. The Prabhudas Lilladher expert predicted that the 50-stock index may go up to 23,200 levels in the short term as indicators like RSI also show strength with much upside potential. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today — SBI Life, Grasim Industries, and Crompton Greaves.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index gradually picked up to record All Time High of 22,697 level thus strengthening the trend and can expect for further rise with bias maintained strong and indicators like RSI also showing strength with much upside potential visible from the current rate. The index has got the next targets of 22,800 and 23,200 levels in the short-term time frame with the 22,000 zone as the important support zone as of now.”
“The Bank Nifty index finally retested the previous peak zone just to move ahead creating history to make a new all-time high of 48,716 level improving the bias and sentiment overall to anticipate further rise. The index has a further initial target of 49,800 level with 47,700 zones as the important support zone as of now,” said Parekh.
Also Read: HDFC Bank, ICICI Bank to IndusInd Bank — 4 Nifty Bank stocks give breakout today. Do you own any of them?
parekh went on to add that the immediate support for Nifty today is placed at the 22,500 level while the resistance would be seen at the 22,800 level. The Bank Nifty would have a daily range of 48,200 to 49,000 levels.
Vaishali Parekh stocks to buy today
1] SBI Life: Buy at ₹1518, target ₹1580, stop loss ₹1485;
2] Grasim Industries: Buy at ₹2280, target ₹2355, stop loss ₹2240; and
3] Crompron Greaves: Buy at ₹290, target ₹307, stop loss ₹284.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09 Apr 2024, 07:06 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.