Buy or sell stocks for today: Despite strong global market sentiments on the US Fed rate hike buzz and China’s efforts to prop up its market, the Indian stock market ended flat on Wednesday. The Nifty 50 index ended marginally higher at a 21,930 level while the BSE Sensex shed 34 points and closed at the 72,152 mark. The Bank Nifty index gained 127 points and finished at 45,818 level.
Cash market volumes on the NSE improved a bit to Rs.1.33 lakh crore. The mid-cap index rose 1.48% outperforming the Nifty 50 index even as the advance-decline ratio softened to 1.39:1.
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Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is facing a hurdle at 22,100 levels. The Prabhudas Lilladher expert went on to add that the 50-stock index needs to give a decisive breach above the 22,100 zone to confirm a fresh breakout. However, on the downside, the Nifty 50 index needs to sustain above the 21,750 mark.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — La Opala, VETO Switch Gears, and IPCA Laboratories.
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On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty after opening near the 22,000 zone witnessed resistance and amid volatility slipped down to take support 21,850 levels and with some recovery in the second half closed above the 21,900 zone. The index needs to give a decisive breach above the 22,100 zone to confirm a fresh breakout and on the downside would need to sustain the 21,750 levels to maintain the bias intact.”
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“Bank Nifty once again witnessed resistance near the 46,000 zone and took support near the 45,600 level during the intraday session recovered gradually in the second half. With the RBI policy announcement expected, the index would be subjected to volatility and would need to close above the 46,500 zones to establish some conviction and thereafter expect a further rise in the coming sessions,” said Parekh.
Parekh went on to add that the immediate support for Nifty today is placed at 21,800 while the resistance is seen at 22,100. Bank Nifty would have a daily range of 45,400 to 46,300 levels.
Stocks to buy today
1] La Opala: Buy at ₹374.50, target ₹418, stop loss ₹367;
2] VETO Switch Gears: Buy at ₹129, target ₹135, stop loss ₹126; and
3] IPCA Laboratories: Buy at ₹1225.50, target ₹1260, stop loss ₹1205.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 08 Feb 2024, 07:05 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.
