Buy or sell stocks for today: Following strong global market sentiments on end of rate hike cycle buzz, Indian stock market ended higher for sixth straight session on Tuesday. Nifty 50 index climbed to a new peak of 20,864 levels, BSE Sensex touched new life-time high of 69,381 whereas Bank Nifty index hit a new high of 47,230. Broad market indices also continued its partipation in current rally. Small-cap index hit a new record high of 41,317 while mid-cap index touched a new peak of 35,216 levels.
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market trend is bullish. Prabhudas Lilladher expert went on to add that Nifty 50 index may climb to a new peak if buying in frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL, etc. continues on Wednesday. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Coromandel International, Sona Blw Precision Forgings or SONACOMS and ABFRL.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty continue to surge ahead making new record high crossing the 20,850 zone with trend maintained strong powered by frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL which can further pull the index to new heights. The index has gained significantly almost 11% in the current swing and has further upside potential with 21,000 level visible in the coming days.”
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“Bank Nifty after the breakout confirmation extended the gains further moving past the 47,000 zone to make new high and anticipating for next target of 48,200 levels with most of the frontline banking stocks like ICICI Bank, Kotak Bank, HDFC Bank, SBI and Axis Bank having good upside potential from current levels,” said Parekh.
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Parekh went on to add that immediate support for Nifty today is placed at 20,700 while the resistance is seen at 21,000 levels. Bank Nifty would have a daily range of 46,700 to 47,500 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Coromandel International: Buy at ₹1205, target ₹1265, stop loss ₹1185;
2] SONACOMS: Buy at ₹578.75, target 600, stop loss ₹570; and
3] ABFRL: Buy at ₹240.40, target ₹252, stop loss ₹236.
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.
