Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13
Buy or sell stocks for today: Despite mixed trends from the global markets, the Indian stock market snapped two days fall and ended higher on Wednesday. The Nifty 50 index gained 58 points and closed at 23,322, while the BSE Sensex scaled 149 points and finished at 76,606.
The Bank Nifty index ended 189 points higher at 49,895. Among the frontline indices, the Nifty 50 index touched a new peak of 23,441.
Cash market volumes on the NSE fell minorly to ₹1.20 lakh crore. The broad market indices rose more than a percent even as the advance-decline ratio rose to 2.05:1.Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index is facing resistance at 23,400.
The 50-stock index needs a decisive breach above this resistance to trigger a fresh bull trend in the Indian stock market. The Prabhudas Lilladher expert said that Nifty is expected to touch 23,800 in the near term until it sustains above its major support at 22,800.Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks: Bombay Dyeing, Coal India, and PEL.On the outlook for Nifty today, Vaishali Parekh said, "Nifty has witnessed a consolidation phase since the last three sessions, with the 23,400 zone acting as a tough barrier.
A decisive breach above this level would trigger a further rise in the coming days. The major support zone for the index is maintained near the 22,800 level, while on the upside, we can expect the 23,800 level as the initial target in the coming sessions.""The Bank Nifty index has been hovering and consolidating near the 50,000 zone for quite some time, finding resistance near the 50,200 levels, and support has been maintained near the 49,500 zone
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