Buy or sell: Vaishali Parekh recommends three stocks to buy today — 2 May 2025

Buy or sell stocks: The Indian stock market continued to trade sideways for yet another session on Wednesday. The Nifty 50 index ended marginally lower at 24,334, the BSE Sensex went off 46 points and closed at 80,242, and the Bank Nifty index corrected 304 points and closed at 55,087. The real estate, pharmaceutical, and healthcare sectors led the gainers. Conversely, the PSU banking, media, and financial services sectors bore the brunt of the selling pressure, registering the most significant losses.

The mid-cap and smallcap spaces experienced underperformance relative to the benchmarks. The Nifty Midcap 100 Index shed 0.85%, while the Nifty Smallcap 100 Index witnessed a more pronounced decline of 1.73%. The trend of declining shares outnumbering advancing ones continued for the fifth consecutive day, with the BSE advance-decline ratio at 0.33 on BSE.

Stock market today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market is sideways. The Nifty 50 index is between 24,050 and 24,400. The Prabhudas Lilladher expert said that a bullish or bearish trend could be assumed on the breakage of either side of the Nifty 50 range.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, 'The Nifty 50 index remained rangebound throughout the session and with some volatility witnessed closed on a flat note with the index overall consolidating within a narrow band for quite some time. With the sentiment maintained with a cautiously positive approach, the index would need to breach above the 24400 zone decisively, having the near-term support near the important 200-period MA at the 24050 level, which, if sustained, can regain with the positive move for a further rise in the coming days."

"The Bank Nifty index, after opening with some fluctuations, gradually slipped down as the day progressed, with some profit booking seen and ended near the 55100 zone with overall bias still maintained strong, having the important near-term support at the 54500 zone, which needs to be sustained. As mentioned earlier, the index on the daily chart has indicated a flag pattern; once a decisive breach above 55700 is confirmed, one can expect another fresh round of momentum 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 54,600 to 55,700.

Vaishali Parekh's recommended stocks

Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Raymond, JSW Energy, and Jindal Stainless Ltd (JSL).

1] Raymond: Buy at ₹1531, Target ₹1600, Stop Loss ₹1490;

2] JSW Energy: Buy at ₹480, Target ₹505, Stop Loss ₹465; and

3] JSL: Buy at ₹576, Target ₹610, Stop Loss ₹560.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.