Buy or sell: Vaishali Parekh recommends three stocks to buy today — 16 April 2025

Buy or sell stocks: Despite global brokerage Morgan Stanley revising its year-end Sensex target from 93,000 to 82,000, the Indian stock market ended higher for the second straight session on Tuesday. Among the frontline indices, the Nifty 50 index opened upside at 23,368, its intraday peak. The benchmark index sustained higher levels and closed at 23,348, logging an intraday gain of 519 points. After ending at 23,348, the 50-stock index registered a 949-point gain in the last two straight sessions. The BSE Sensex opened northward at 76,852 and closed at 76,792 levels, logging an intraday gain of 1,634 points and an increase of 2,945 points in two straight sessions. The Bank Nifty index opened upside at 52,299 and ended at 52,379 levels, logging an intraday gain of 1,377 points. After ending at 52,379 levels, the Bank Nifty index logged almost 2,150 points gain in two straight sessions.

This Dalal Street rally is participatory as buying also occurred in the broad market. The BSE Small-cap index ended at around 3.20% upward, while the Mid-cap index surged by nearly 3% during Tuesday deals.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias is positive as the Nifty 50 index has breached above the 50-DEMA resistance, which is 23,000. The Prabhudas Lilladher expert said the 50-stock index has finished above 23,300, and the frontline index is now looking poised to touch 24,000 soon.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index once again witnessed a big gap up opening to breach decisively above the 50-EMA level of 23,000 zone to improve the bias along with the sentiment getting better and ended the session on a strong note above 23,300. The index got significant support from the broader markets to strengthen the overall trend, anticipating a further rise with a target of 24,000 visible zones in the coming days."

"The Bank Nifty index straightaway opened above the tough barrier zone of 52,000 to signify strength and has much upside potential to carry on with the positive move further ahead for targets of 53,800 and 54,400 anticipated in the coming days. The index would now have the important zone of the 200 period MA at 51,000 as the crucial support and would need to sustain above this level to maintain the overall bias intact," said Parekh.

Parekh said that support for Nifty today is at 23,200, while the resistance is at 23,600. The Bank Nifty would have a daily range of 51,800 to 53,000.

Vaishali Parekh's stock recommendations today

Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Confidence Petroleum India, Tata Elxsi, and Bank of India.

1] Confidence Petroleum India: Buy at ₹53, target ₹58, stop loss ₹50;

2] Tata Elxsi: Buy at ₹4950, target ₹5500, stop loss ₹4800; and

3] Bank of India: Buy at ₹111, target ₹120, stop loss ₹107.

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.