Buy or sell stocks for today: After worst sell off in last 10 months, Indian stock market bounced back and ended higher on Thursday. Nifty 50 index ggained 104 points and closed at 21,255 levels, BSE Sensex shot up 358 points and ended at 70,865 mark whereas Bank Nifty index finished 394 points higher at 47,840 levels. Broad market indices rose more than the Nifty 50 index even as the advance decline ratio rose sharply to 3.66:1.
Intraday trading tips for Friday
Vaishali Parekh, Vice President — technical Research at Prabhudas Lilladher believes that Dalal Street sentiments are in better position after decent recovery on Thursday session. However, Prabhudas Lilladher expert maintained that Nifty 50 index has to breach 21,500 levels decisively for further improvement of the market bias. Vaishali went on to add that Bank Nifty needs to breach 48,200 decisively for fresh momentum in frontline banking stocks.
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Buy or sell stocks
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — KPIT Technologies, Himatsingka Seide and Lemon Tree.
On outlook for Nifty today, Vaishali Parekh said, “Nifty witnessed a gap down opening near 21,000 zone and thereafter gradually gained momentum as the day progressed to make a decent recovery from the previous day’s loss and closed on a quite positive note near 21,250 levels with sentiment in a much better position. The levels near 21,000 would be maintained as an important support zone and on the upside a decisive breach above 21,500 level is necessary to confirm fresh breakout.”
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“Bank Nifty also witnessed a strong recovery from 46,900 zone to end near 47,850 levels with major frontline banking stocks like HDFC Bank, ICICI Bank, Kotak Bank and SBI witnessing decent gains. For the index, as mentioned earlier, the important support zone would be maintained near 46,300 levels while on the upside a decisive breach above 48,200 shall confirm a breakout for further fresh upward move,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 21,150 levels, while the resistance is seen at 21,400 mark. Bank Nifty would have a daily range of 47,500 to 48,200 levels.
Stocks to buy today
1] KPIT Technologies: Buy at ₹1516, target ₹1590, stop loss ₹1494;
2] Himatsingka Seide: Buy at ₹169.70, target ₹178, stop loss ₹166; and
3] Lemon Tree: Buy at ₹118, target ₹125, stop loss ₹116.
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: 22 Dec 2023, 07:15 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.
