Buy or sell stocks for today: After minor fall on Tuesday, Indian stock market trade cautious on Wednesday. Nifty 50 index and BSE Sensex eneded marginally higher whereas Bank Nifty index finished in red territory. The 50-stock index ended 36 points higher at 19,443 levels whereas 30-stock index Sensex closed 33 points higher at 64,975 mark. However, Bank Nifty shed 79 points and closed at 43,658 levels. Broad market indices outshined key benchmark indices even as the advance decline ratio remained above par at 1.3:1.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Nifty today has strong support zone at 19,200 to 19,250 levels. Prabhudas Lilladher expert went on to add that a decisive breach above the hurdle of 19500-19550 zone may trigger fresh upside movement on Dalal Street. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Ashok Leyland, Lemon Tree Hotels and EID Parry.
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On outlook for Nifty today, Vaishali Parekh said, “Nifty once again witnessed a narrow rangebound session resisting near the 19,450 zone during the intraday session with active participation among the broader markets continue. With 19,200 to 19,250 acting as the support zone, a decisive breach above the hurdle of 19,500 to 19,550 zone shall trigger for fresh upward move with bias improving further.”
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“Bank Nifty also after a flat opening witnessed a sluggish session to end on a flat note near 43,650 zone resisting near the 43,800 level for the second day. As said earlier, the index needs to breach above the 44,000 zone to further strengthen the trend and establish some conviction to anticipate for further rise in the coming days,” said Parekh.
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Parekh went on to add that immediate support for Nifty 50 today is placed at 19,350 levels, while the resistance is seen at 19,600 mark. Bank Nifty would have a daily range of 43,400 to 44,000 levels.
Stocks to buy today
1] Ashok Leyland: Buy at ₹173.55, target ₹182, stop loss ₹170;
2] Lemon Tree Hotels: Buy at ₹117.50, target ₹123, stop loss ₹115;
3] EID Parry: Buy at ₹492.50, target ₹515, stop loss ₹484.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
