Buy or sell stocks for today: Despite mixed trends in global market, Indian stock market registered robust gains on Wednesday. Nifty 50 index ended above 20,000 levels for the first time since September 2023 and closed at 20,096 levels. BSE Sensex registered 727 points gain and closed at 66,901 mark whereas Bank Nifty index gained 685 points and finished at 44,566 levels. Broad market indices too registered handsome gains but not more than key benchmark indices.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall trend on Dalal Street is highly bullish. Prabhudas Lilladher expert went on to add that Nifty 50 index has closed above 20,096 levels and hence we can expect the 550-stock index to climb to a new peak in current rally. On stocks to buy today, Vaishali Parekh recommended three stocks to buy today — Can Fin Homes, Engineers India and Bandhan Bank.
Stock market today
On outlook for Nifty today, Vaishali Parekh said, “Nifty with a gap up opening extended the gains further to breach decisively above the 20000 zone and has turned the overall trend strong with anticipation of retesting the previous peak zone of 20220 levels in the coming days. The index was well supported by the frontline heavyweights which have indicated improvement in the bias and has scope for further rise with indicators well placed and having ample upside potential.”
Speaking on outlook for Bank Nifty today, Parekh added, “Bank Nifty after a long time surged ahead with strength indicated and with a big bullish candle pattern on the daily chart has moved past the crucial hurdle of 44400 zone of the important 100 period MA to strengthen the bias. A decisive breach above 45000 shall trigger for fresh further targets of 45800-46200 in the coming days.”
Vaishali Parekh of Prabhudas Lilladher further added that immediate support for Nifty 50 today is placed at 19,950 while the resistance is seen at 20,250. Bank Nifty would have a daily range of 44,300 to 45,000 levels.
1] Can Fin Homes: Buy at ₹769.35, target ₹800, stop loss ₹758;
2] Engineers India: Buy at ₹149.45, target ₹156, stop loss ₹147; and
3] Bandhan Bank: Buy at ₹222.35, target ₹233, stop loss ₹218.
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.
