09 Sep , 2022 By : Kanchan Joshi
Buy or sell: Following the recovery in global markets, Indian stock market ended higher on Thursday. Nifty 50 index shot up 1 per cent or 174 points and closed at 17,798 levels whereas BSE Sensex surged 1.12 per cent and closed at 59,688 levels. Bank Nifty index ended 753 points higher at 40,208 levels. Despite Indian indices breaching the major 17,800 hurdle on Nifty and 40,000 hurdle on Bank Nifty index, some experts are still advising stock specific trade. For such stock market traders, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has recommended two stocks to buy today. Those two stocks are — Solar Industries and Lakshmi Machine.
Stock market today: Technical outlook for Sensex, Nifty, Bank Nifty
On Nifty technical outlook, Vaishali Parekh of Prabhudas Lilladher said, "Nifty extended the gain further moving ahead strongly past 17750 levels and with improved bias has entered into a new territory to anticipate for further upward move."
Speaking on Nifty Bank technical outlook, Prabhudas Lilladher analyst said, "Bank Nifty has shown prominent upside potential post the decisive move above the 40000 level and with frontline banks like PSU Banks, Kotak Bank, ICICI Bank, SBI, HDFC Bank and Axis Bank coming into limelight, further positive move is anticipated." She said that Bank Nifty would have the daily range of 39600-41000 levels.
Vaishali Parekh said that support for BSE Sensex is placed at 59,200 whereas it is facing hurdle at 60,000 levels. Similarly, Nifty has support at 17,600 levels whereas it is facing resistance at 18,000 levels.
Vaishali Parekh's recommendations on buy or sell stocks for today
Asked about the buy or sell stock for today, Vaishali Parekh of Prabhudas Lilladher listed out following stocks:
1] Solar Industries: Buy at ?3482, target ?4000, stop loss ?3275; and
2] Lakshmi Machine: Buy at ?12674, target ?15000, stop loss ?11775.