Buy or sell stocks: The ended in the green on October 27, with the benchmark BSE Sensex up close to 567 points and the broader Nifty above 25,900. This came amid global rally pushed by softer-than-expected inflation in the United States and hopes of more US Federal Reserve rate cuts this year. Further, indications of a US-China trade deal also propelled foreign funds and fulled market optimism.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock sentiment is taking a turn for the positive and is anticipating further rise in the coming days. She added that the Nifty recovered after two weak sessions, to scale the 26,000 zone.
“Nifty once again recovered significantly to scale the 26,000 zone after witnessing two weak sessions to take a breather and with bias turning positive has improved the sentiment to anticipate for further rise in the coming days. As mentioned earlier, the index maintaining a strong uptrend has the next initial target of 26,500 level and thereafter, with strength sustaining can expect for higher target of 27,300 level with 25,400 zone positioned as the important support from current level,” she stated.
On the outlook of the index, Parekh said, “BankNifty after a short dip witnessed, has once again regained strength to close above the 58,000 zone with the frontline banking stocks like HDFC Bank, SBI and Axis Bank picking up to pull the index and can expect for further upward move having next target of 60000 level in the coming days.”
“The near-term support near 57,300 zone would be crucial which needs to be sustained and with the overall undertone maintained strong, as we have said earlier, we expect the positive momentum to carry on for further gains with the trend getting better,” Parekh added.
She stated that immediate support for the Nifty 50 index is located at 25,800, while resistance is seen at 26,200. The Bank Nifty is expected to have a daily range of 57,800 to 58,800.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: , Heritage Foods, and .
1] Titagarh Rail Systems: Buy at ₹895.90, Target ₹935, Stop Loss ₹877;
2] Heritage Foods: Buy at ₹494.45, Target ₹520, Stop Loss ₹484; and
3] Jindal Steel: Buy at ₹1,034, Target ₹1,080, Stop Loss ₹1,010.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.