Buy or sell stocks for today: After weak opening during morning deals, Indian stock market recovered from early losses and ended marginally higher on Tuesday. Nifty 50 index gained 34 points and ended at 21,453 levels, BSE Sensex surged 122 points and closed at 71,437 mark whereas Bank Nifty index added 3 points and closed at 47,870 levels. Broad market indices like the BSE mid-cap index ended lower, thereby underperforming the key benchmark indices.
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is witnessing strong support at 21,300 to 21,280 zone. Prabhudas Lilladher expert went on to add that 21,550 is working as good resistance for the 50-stock index. Vaishali Parekh of Prabhudas Lilladher further added that for the overall trend to improve, the indices of Nifty 50 and Bank Nifty would need to cross decisively the 21,500 zone and 48,200 level, respectively.
Also Read: Global Markets: US stock indices gain on hopes of Fed rate cut in 2024
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are GRSE, BLS and Castrol India.
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty for the past 3 sessions has been hovering near the 21300–21500 levels, witnessing strong support near the 21300–21280 levels and closing above the 21400 zone, but not being able to breach those support levels. At the same time, 21550 has been maintained as a good resistance zone as of now.”
Also Read: Retail investors in top gear at IPOs, drive oversubscriptions
On outlook for stock market today, Parekh said, “Bank Nifty witnessed some volatility during the intraday session, ranging between 47,600 and 48,000 levels and can expect some continuation of the upward move in the coming sessions. As said earlier, for the overall trend to improve, the indices of Nifty and Bank Nifty would need to cross decisively the 21,500 zone and 48,200 level, respectively.”
Parekh went on to add that immediate support for Sensex/Nifty today is placed at 71000/21300, while the resistance is seen at 72000/21550. Bank Nifty would have a daily range of 47400–48200 levels.
Stocks to buy today
1] GRSE: Buy at ₹849, target ₹888, stop loss ₹835;
2] BLS: Buy at ₹308.85, target ₹322, stop loss ₹303; and
3] Castrol India: Buy at ₹152.45, target ₹160, stop loss ₹150.
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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
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.
