Buy or sell stocks for today: Despite positive global market sentiments and strong IMF commentary on Indian economy, Indian stock market witnessed sharp sell off on Wednesday. All key benchmark indices including small-cap and mid-cap indices ended lower, which signals selling across segments on Dalal Street.
Nifty 50 index crashed 302 points and closed at 21,150 levels, BSE Sensex nosedived 930 points and closed at 70,506 mark whereas Bank Nifty index corrected 425 points and ended at 47,445 levels. In broad market, small-cap index crashed 3.42 per cent while mid-cap index tanked 3.12 per cent.
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Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index has produced a huge bearish engulfing candle pattern on the daily chart, which signals further weakness on Dalal Street. Prabhudas Lilladher expert further maintianed that stock market sentiments would remain cautious till the 50-stock index is trading above 20,800 levels. On breaching this support may dent Dalal Street sentiments and weaken the market bias, she added.
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Buy or sell stocks
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Camlin Fine Sciences, Sula Vineyards and Muthoot Finance. Vaishali Parekh recommended selling in all of her stock picks or Thursday.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty after remaining in the positive zone near 21,500 levels in the initial half tanked post lunch session with heavy profit booking witnessed to produce a huge bearish engulfing candle pattern on the daily chart ending near 21,150 levels to weaken the sentiment and turning the bias to cautious mode as of now. With near-term support maintained near 20,800 zone one need for wait and watch for things to settle down and confirm a clarity for further development.”
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“Bank Nifty also shed their gains resisting near the 48,200 zone and lost momentum in the second half to close near 47,450 zone with profit booking seen among the frontline banking stocks. For the index, the important support zone would be maintained near 46,300 levels and with bias turning little bit cautious needs further clarity and conviction to forecast the further progress,” Parekh said.
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Parekh went on to add that immediate support for Nifty today is placed at 21,000 levels, while the resistance is seen at 21,300 levels. Bank Nifty would have a daily range of 47,000 to 47,900 levels.
Intraday stocks for today
1] Camlin Fine Sciences: Sell at ₹130.35, target ₹122, stop loss ₹133;
2] Sula Vineyards: Sell at ₹459.35, target ₹442, stop loss ₹468; and
3] Muthoot Finance: Sell at ₹1443, target ₹1385, stop loss ₹1470.
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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Published: 21 Dec 2023, 06:12 AM IST
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.
