Buy or sell stocks for today: Following weak global market sentiments on disappointing Chinese economic data and geopolitical tension in the Middle East, Indian stock market fell on second day in a row. Nifty 50 index registered biggest intraday fall since 13th June 2022 due to the panic selling across the baord led by banking stocks. The 50-stock index crashed 460 points and closed at 21,571 level, BSE Sensex tanked 1,628 points and closed at 71,500 level whereas Bank Nifty index nosedived 2,060 points and finished at 46,064 mark. Broad market indices fell less than the Nifty even as the advance decline ratio fell to 0.36:1.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that o0verall Indian stock market sentiment has turned weak after heavy selling on Wednesday. Prabhudas Lilladher expert maintained that the Nifty 50 index losed below 21,630 (20 DEMA), which signals further profit booking as next crucial support for Nifty 50 index is now placed at 21,500 level.
On stocks to buy today, Vaishali Parekh suggested three intraday stocks for today — NLC India, Apar Industries and JSW Energy.
On outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty witnessed heavy selling pressure and tanked, losing 460 points breaking below the 21630 zone of the 20 DMA level. With bias overall turned weak and stocks witnessing heavy profit booking, from here on, the next crucial support level lies near 21500, which if broken, would further weaken the trend with intensified selling pressure.”
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“Bank Nifty also crashed heavily losing more than 2000 points with HDFC Bank contributing a major portion of the erosion and closing near the 46,000 zone with the daily trend turning down and bias turning weak. As INDIA VIX nears 16 levels, the overall bias is still cautious as far as Nifty and Bank Nifty are concerned until we get further clarity and conviction in the market,” said Parekh.
Parekh went on to add that immediate support for Sensex/Nifty today is placed at 70800/21300, while the resistance is seen at 72000/21800. Bank Nifty would have a daily range of 45,000 5to 47,000 levels.
Stocks to buy today
1] NLC: Buy at ₹231, target ₹244, stop loss ₹225;
2] Apar Industries: Buy at ₹5473, target ₹5750, stop loss ₹5335; and
3] JSW Energy: Buy at ₹470, target ₹500, stop loss ₹460.
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 decisions.
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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.
