Buy or sell stocks for today: Amid bets for a peak in interest rates among major central banks globally, Indian stock market continued to scale record high, rising for the seventh consecutive session on Wednesday. Nifty 50 index climbed to a new peak of 20,961 levels, BSE Sensex touched new life-time high of 69,744 whereas Bank Nifty index hit a new high of 47,259. In broad market, small-cap index added 0.18 per cent while mid-cap index touched a new peak of 35,245.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is finding resistance at 20,950 levels. Prabhudas Lilladher expert went on to add that once Nifty 50 index breaches 21,000 levels decisively, the 50-stock index may head towards 21,800 to 21,900 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Lemon Tree, Himatsingka Seide and Oberoi Realty.
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty opened on a positive note once again with a new record high and thereafter consolidated finding resistance near 20,950 zone for rest part of the session halting the ongoing rally as of now. The near-term support would be 20,500 and once a decisive breach above 21,000 is establish then further targets till 21,800 to 21,900 levels can be anticipated.”
Also Read: SAIL, ZEEL, Delta Corp, 2 other shares placed under F&O ban list for today
“Bank Nifty remained range-bound finding resistance near 47,250 zone and closed slightly in the red near 46,800 levels. The index awaiting the RBI Policy outcome would need a decisive breach above 47,250 zone to carry on the momentum further ahead with 46,300 zone acting as the support zone from current levels,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 20,800 while the resistance is seen at 21,100. Bank Nifty would have a daily range of 46,500 to 47,200 levels.
Also Read: RBI Policy Meet: Key things to watch out for
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] Lemon Tree: Buy at ₹118.65, target ₹124, stop loss ₹116;
2] Himatsingka Seide: Buy at ₹171.20, target ₹185, stop loss ₹168; and
3] Oberoi Realty: Buy at ₹1459, target ₹1610, stop loss ₹1435.
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.
