Buy or sell stocks: The domestic stock market indices closed in the red on Monday, November 18, extending their losing streak to the seventh successive session. This is the longest losing streak since February 2023. The Nifty 50 index closed 0.34 per cent lower after Monday’s session at 23,453.80 points, compared to 23,532.70 points at the previous market close.
The BSE Sensex index closed 0.31 per cent lower at 77,339.01 points, compared to 77,580.31 points in the previous trading session.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty, after opening on a positive note, gradually went below the 200 DMA with tough resistance near the 23,600 zone. The bias remains maintained with a little cautious approach. Parekh estimates the Nifty 50 Spot index to find support at 23,300 points and face resistance at 23,600 points. The Bank Nifty index will likely move in the 49,800 to 50,800 range today.
For today, Parekh recommended three buy-or-sell stocks: Blue Jet Healthcare Ltd, Cipla Ltd, and IDFC First Bank Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty index opened on a positive note above 23600 zone but gradually came down below 200 DMA with tough resistance witnessed near 23600 zone and downside has 23300 as the important crucial support level as of now.”
“With the bias maintained with a little cautious approach, the index needs to breach above the 23564-23600 zone decisively to anticipate for further rise with conviction,” said the stock market expert.
“Bank Nifty has moving sideways with 50000 maintained as the important support zone and would need to sustain above the 50700 levels to gather some momentum and establish conviction for further upward movement of the index,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,300 points, while the resistance lies at 23,600 points. The Bank Nifty index would have a daily range of 49,800 to 50,800.
Buy or sell stocks by Vaishali Parekh
1. Blue Jet Healthcare Ltd. (BLUEJET): Buy at ₹546; Target at ₹580; Stop Loss at ₹520.
2. Cipla Ltd. (CIPLA): Sell at ₹1,470; Target at ₹1,430; Stop Loss at ₹1,490.
3. IDFC First Bank Ltd. (IDFCFIRSTB): Buy at ₹65; Target at ₹68; Stop Loss at ₹63.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
