BUY OR SELL: AARTI INDUSTRIES TO IGL, VAISHALI PAREKH RECOMMENDS THREE STOCKS TO BUY TODAY — APRIL 24

Buy or sell stocks for today: Frontline indices Nifty 50 and Sensex settled higher for the third consecutive session yesterday driven by firm global cues and easing Middle East conflict. A major drop in the volatility index indicated that market participants are confident about the near-term trajectory.

Nifty 50 closed the day at 22,368, up 32 points, or 0.14 per cent, while Sensex ended with a small gain of 90 points, or 0.12 per cent, at 73,738.45 as gains in shares of select heavyweights such as ITC, Bharti Airtel, and Infosys were largely offset by losses in shares of Reliance Industries. 

The fear gauge India VIX which indicates how much the Nifty 50 index is expected to change in the next 30 days, fell 20 per cent to reach near the level of 10. Mid and smallcap indices outperformed the benchmarks. The BSE midcap index rose 0.52 per cent and the smallcap index jumped 1.05 per cent.

Additionally, gold prices extended losses for a second session to hit a more than two-week low as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of US economic data this week. 

Oil prices rose a dollar a barrel in the previous session as the US dollar index fell to its lowest in over a week and as investors shifted focus away towards global economies. Brent crude futures rose $1.29, or 1.5 per cent, to $88.29 per barrel.

Also Read: India's crude oil consumption up 4.6% in FY24, output rises marginally at 0.6%, imports steady: PPAC

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that for Nifty 50, ‘’The zone around 22,000 shall remain as the important support from current levels expecting for further rise.''

The Prabhudas Lilladher expert added that for Bank Nifty, the zone near 46,800 levels would remain as the important support zone for the index as of now.

Coming to the stocks that investors can buy, Vaishali Parekh recommended three intraday stocks for today —IGL, Grasim Industries, and Aarti Industries.

 

Stock market today

On the outlook for the Nifty 50's performance today, Vaishali Parekh said, ‘’Nifty 50 has maintained above the 22,300 zone with bias remaining positive and would need to cross the hurdle around 22,500 levels to establish conviction to carry on with the positive move further ahead.''

‘’Bank Nifty has been hovering near the 48,000 zone with bias maintained positive and would need a decisive breach above 48,400 levels to confirm clarity and anticipate for further rise,'' she said.

Parekh added that for Nifty 50 the support for the day is seen at 22,200 levels while the resistance is seen near 22,500 levels. Bank Nifty would have the daily range of 47,500-48,500 levels.

Also Read: India needs 8-10% growth over next decade to reap demographic dividend: RBI

Nifty Spot Index

Support – 22,200

Resistance - 22,500

Bank Nifty Spot Index

Support – 47,500

Resistance – 48,500.

 

Stocks to buy today

1.IGL: Buy IGL at ₹448.50, Target ₹468, Stop Loss ₹438

2.Grasim Industries: Buy Grasim Industries at ₹2,370, Target ₹2,480, Stop Loss ₹2,320

3.Aarti Industries: Buy Aarti Industries at ₹740.95, Target ₹770, Stop Loss ₹725.

 

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.3.

2024-04-24T00:47:06Z dg43tfdfdgfd