Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 30
Buy or sell stocks for today: Following weak global market sentiments on soaring crude oil prices due to heightened tensions in the Middle East, the Indian stock market ended lower for the fourth straight session. The Nifty 50 index lost 183 points and closed at 22,704, the BSE Sensex finished 667 points lower at 74,502 whereas the Bank Nifty index crashed 640 points and ended at 48,501.
Cash market volumes on the NSE were flat at ₹1.03 lakh crore. The broad market indices fell less than the Nifty even as the advance-decline ratio improved to 0.74:1.Vaishali Parekh, a seasoned Vice President — Technical Research at Prabhudas Lilladher, has identified a significant development in the Nifty 50 index.
She points out that the index has breached the crucial support of 22,800, and the next support is now positioned at the 22,500 mark. Her analysis suggests that the Indian stock market's mood has weakened.
Vaishali emphasizes that a trend reversal can be anticipated only when the 50-stock index breaches the immediate resistance of 22,800 on a closing basis.Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: NHPC, Dr Reddy's Laboratories, and Ambuja Cements.On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index ended on the losing side once again for the last three consecutive sessions ending near the 22,700 zone with bias turning weak and has the next crucial support zone maintained near 22,500 zone which needs to be sustained as of now. For the bias to improve, a decisive breach above the 22,800 level must carry on with the upward move and anticipate retesting the previous peak zone of 23,100 levels."Also Read: Awfis Space Solutions IPO listing date today.
Read more on livemint.com
