Buy or sell: Vaishali Parekh recommends three stocks to buy today after India-Pakistan ceasefire

Buy or sell stocks: Despite showcasing resilience against the India-Pakistan war buzz, the Indian stock market witnessed sell-off pressure on the last two sessions last week. After going off on Thursday, key benchmark indices of Dalal Street came under sharp selling pressure on Friday. The Nifty 50 crashed 265 points, or 1.1%, to close slightly above the 24,000 mark at 24,008. The BSE Sensex tumbled 880 points, or 1.10%, marking its steepest intraday fall since April 7, to settle at 79,454.

Stock market today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that support for the Nifty 50 index has shifted to 23,800 after closing above 24,050 levels. However, the Prabhudas Lilladher expert said the key benchmark index is facing hurdles at 24,400, and a bullish or bearish trend can be assumed on the breakage of either side of this range.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed a gap down opening with rising tensions across the border and closed near the 24000 zone amid high volatility with bias and sentiment precariously placed as of now. The index has moved below the important 200-period MA at the 24050 level, weakening the bias and would have the next near-term support at around the 23800 zone. For the bias to improve, it would need a decisive breach above the 24400 zone and anticipate a further rise in the coming days. The support for the day is seen at the 23800 level while the resistance is at the 24300 level.”

“The Bank Nifty index opened on the lower end near the 53600 zone with bias turning weak and with huge fluctuations witnessed during the intraday session, closed at around the 53600 level, losing 770 points. The index has breached below the important support of the 54000 zone and has 52000 as the next major level where it can sustain. The index would have the daily range of 53400-54600 levels,” said Parekh.

Vaishali Parekh recommended stocks

Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Protean eGov Technologies, MMTC, and GRSE.

1] Protean eGov Technologies: Buy at ₹1269, Target ₹1320, Stop Loss ₹1230;

2] MMTC: Buy at ₹52, Target ₹56, Stop Loss ₹50; and

3] GRSE: Buy at ₹1799, Target ₹1900, Stop Loss ₹1730.

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.

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