Buy or sell: Vaishali Parekh recommends three stocks to buy on Akshaya Tritiya — 30 April 2025
Buy or sell stocks: In a volatile trading session, indices of the Indian stock market — Nifty 50 and BSE Sensex— ended slightly higher on Tuesday, supported by gains in IT and oil & gas stocks. The broader market reflected the positive sentiment and slightly outperformed the leading indices. The Nifty 50 index rose by 7.45 points, or 0.03%, to close at 24,335.95. Sector-wise, Nifty IT led with a 1.2% gain, followed by a 0.42% rise in the Oil & Gas index. Conversely, Nifty Metal and Pharma declined by 0.8%, while Realty, FMCG, and Auto indices edged down 0.2% each. The broader market saw better performance, with the Nifty Midcap 100 and Smallcap 100 gaining 0.3% and 0.4%, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious and optimistic. The Prabhudas Lilladher expert said the Nifty 50 index failed to break above the 24,350 hurdle but managed to sustain above the 200-DEMA support of 24,050.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index, after opening on a positive note to scale 24450 zone, once again with some profit booking consolidated near the 24350 zone to end the session on a flat note with bias maintained positive but sentiment slightly turning weak with a cautious approach. As mentioned earlier, the index would have near-term support near the important 200-period MA at the 24050 level, which, if sustained, can regain with the positive move for further rise in the coming days.”
“The Bank Nifty index erased the positive opening session, almost scaling the 56000 level and, with profit booking witnessed, closed on a flat note near the 55400 zone with bias still maintained strong, having the important near-term support at 54,500 zone, which needs to be sustained. The index on the daily chart has indicated a flag pattern. Once a decisive breach above 55700 is confirmed, we can expect another fresh round of momentum to carry on with the positive with fresh upside targets achievable in the coming days,” said Parekh.
Parekh said that today, support for the Nifty is at 24,200, while resistance is at 24,500. The Bank Nifty will have a daily range of 55,000 to 56,000.
Vaishali Parekh’s stock recommendations today
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended these three buy or sell stocks: Jindal Stainless Ltd (JSL), Sona Blw Precision Forgings (SONACOMS), and Shipping Corporation of India (SCI).
1] JSL: Buy at ₹567, Target ₹590, Stop Loss ₹550;
2] SONACOMS: Buy at ₹489, Target ₹510, Stop Loss ₹476; and
3] SCI: Buy at ₹184, Target ₹200, Stop Loss ₹178.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
