Buy or sell: SBI to Mukand — Vaishali Parekh recommends three stocks to buy today — April 12
Buy or sell stocks for today: Following strong global market sentiments, the Indian stock market ended higher on Wednesday. Two out of three benchmark indices — the Nifty 50 and the Bank Nifty — climbed to a new peak of 22,775 and 49,057 respectively. The Nifty 50 index had the highest-ever closing of 22,753 as well. The BSE Sensex finished above the psychological 75,000 mark at 75,105 mark, just 19 points away from the lifetime high of 75,124. In the broad market, the mid-cap index outperformed the Nifty 50 index even as the advance-decline ratio rose to 1.13:1.
Vaishali Parekh’s stock recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the overall Indian stock market sentiment is positive. The Prabhudas Lilladher expert said that the Nifty 50 index has almost achieved its initial target of 22,800 and on breaching this level, the 50-stock index may head towards the 23,200 mark.
On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — State Bank of India (SBI), Sumitomo Chemical India, and Mukand.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index index has slowly and gradually surged ahead making new highs with the overall bias and sentiment maintained strong with the initial target of 22,800 almost achieved. As mentioned earlier, with the positive uptrend maintained, we anticipate the index to achieve further target of 23,200 levels in the coming days.”
“The Bank Nifty created history by conquering the 49,000 zone with a gradual rise witnessed and with improved bias is expected to surge ahead with next target of 49,800 level achievable,” said Parekh.
Parekh went on to add that Nifty today has immediate support placed at 22,600 levels while the resistance would be seen at 22,900 levels. The Bank Nifty would have a daily range of 48,600 to 49,400 levels.
Vaishali Parekh’s stocks to buy today
1] SBI: Buy at ₹779, target ₹810, stop loss ₹765;
2] Sumitomo Chemical India: Buy at ₹404.35, target ₹425, stop loss ₹396; and
3] Mukand: Buy at ₹172, target ₹180, stop loss ₹168.
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 making any investment decisions.
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Published: 12 Apr 2024, 07:33 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.