Buy or sell stocks: The domestic stock markets ended on a flat note after the special trading session on Saturday, February 1, on account of Budget 2025. Investors reacted negatively to the Union Budget 2025 capex numbers, which fell short of the market expectations. The Nifty 50 index closed 0.11 per cent lower at 23,482.15 points after the Budget market session, compared to 23,508.40 at the previous market close.
The BSE Sensex closed 0.01 per cent higher at 77,505.96 points, compared to 77,500.57 points at the previous stock market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 was subject to volatility during the budget market session but managed to close near the 23,500 zone. The bias for the index remains intact as a further rise is expected. Parekh estimates the Nifty 50 Spot index to find support at 23,300 points and face resistance at 23,700 points. The Bank Nifty index will likely move in the 49,000 to 50,200 range.
Parekh recommended three buy-or-sell stocks for Monday: One 97 Communications Ltd, Axis Bank Ltd, and Indian Hotels Co. Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty was subjected to a volatile session as expected, but managed to close near the 23,500 zone, with a recovery witnessed from the 23,300 levell to maintain the bias. Can anticipate a further rise with 23,000 maintained as the crucial and important support zone.”
“The index has indicated resilience, and with the broader markets also showing signs of stability, one can expect further upward move till the 24,000 zone. A decisive breach above (this), shall establish conviction for further directional move,” the stock market expert said.
“Amid the volatility, Bank Nifty was finding tough resistance near the 50,000 zone and slipped down to end near the 49,500 levels, with some recovery witnessed in the final hours. The overall bias has been maintained with a cautiously positive approach. The index needs to confirm a decisive close above the hurdle of 49,700-49,800 band to establish conviction and thereafter anticipate for a further rise in the coming days,” said Parekh.
The Nifty 50 Spot for today has support at 23,300 points and resistance at 23,700 points. The Bank Nifty index would have a daily range of 49,000 to 50,200.
Buy or sell stocks by Vaishali Parekh
1. One 97 Communications Ltd. (PAYTM): Sell at ₹740; Target at ₹720; Stop Loss at ₹760.
2. Axis Bank Ltd. (AXISBANK): Buy at ₹996; Target at ₹1,025; Stop Loss at ₹980.
3. Indian Hotels Co. Ltd. (INDHOTEL): Buy at ₹801; Target at ₹830; Stop Loss at ₹780.
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.