Buy or sell stocks today: With the Lok Sabha Election 2024 ending on Saturday last week and the majority of exit polls predicting a third term for the Narendra Modi government in New Delhi, the Indian stock market is expected to remain volatile on the penultimate day of the Lok Sabha Election results date. Last Friday, prominent indices in the Indian stock market ended modestly higher after erasing the majority of their early morning losses.
The Nifty 50 index finished 42 points higher at 22,530, while the BSE Sensex rose 75 points to 73,961. The Bank Nifty index rose 301 points to settle at 48,983. Cash market volumes on the NSE reached a new high of ₹2.29 lakh crore, driven by trades for MSCI and FTSE rebalancing. The small-cap index gained 0.76 percent, while the advance-decline ratio improved to 0.81:1.
Vaishali Parekh's Stocks to Buy Today
Vaishali Parekh, a respected person in the financial business and Vice President of Technical Research at Prabhudas Lilladher, discusses the current situation of the Nifty 50 index. She feels the index has peaked at 23,100 and is in a vulnerable position ahead of the Lok Sabha Election results on June 4, 2024. According to Parekh, a decisive breach of the Nifty 50 index over 22,800 would boost India's stock market bias. She also forecasts a daily range for the Bank Nifty today, which is predicted to be between 48,500 and 49,600.
Stock Market Today
On the outlook for the Nifty 50 index, Vaishali Parekh stated, "The Nifty 50 index, after making a higher top formation at 23,100 zones on the daily chart, has seen some correction to slip towards the significant 50EMA zone of 22,400 levels and is currently precariously placed before the election outcome event. A decisive breach above the 22,800 zone will improve the bias and allow for a continued increase, whilst a breach below the 22150 zone will weaken the trend overall."
"The Bank Nifty index would have an important support zone about 47,400 levels, while a clear breakout above 49,600 would signal a new upward rise for the next higher goals of 51,600 and 53,500 levels in the coming days. According to Parekh, the day's support would be at 22,400 levels, while the resistance would be at 22,800 levels.
Stocks to buy today: 1. NMDC: Buy at ₹260, objective ₹274, stop loss ₹245
2] Buy Castrol India at ₹1985, target ₹207, stop loss ₹191.
3] Buy GAIL (India) at ₹204.30 with a goal of ₹217 and a stop loss of ₹199.
