Buy or sell stocks for today: The Indian stock market indices, Sensex and Nifty, extended their record run for the fifth consecutive session on Monday led by a strong rally in IT stocks. The Sensex surged 759.49 points, or 1.05%, to end at 73,327.94, while the Nifty 50 ended 202.90 points, or 0.93%, higher at 22,097.45. The Bank Nifty index rallied 449 points to close at 48,158. Broad market indices also supported gains.
Also Read: Indian stock market: 7 key things that changed for market overnight – Gift Nifty, oil prices to trade deficit
Intraday trading tips
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index can carry on with the positive move further ahead and has now the near-term target of 22,300 levels with near-term support maintained at around 21,700 levels. Bank Nifty also witnessed a gain of almost 450 points moving past the 48,000 zone and would need a decisive breach above 48,600 levels to confirm a fresh breakout and expect further fresh upward move till 49,800 level. Also, the index has been resisting near the 48,400 zone which needs to be breached and with the bias indicating improvement among the frontline banking stocks, further rise is anticipated in the coming days.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Latent View Analytics, Alembic Ltd and Biocon.
(Exciting news! Mint is now on WhatsApp Channels
Stock market today
On the outlook for Nifty 50 today, Vaishali Parekh said, “Nifty created another history recording an all-time high breaching above the 22,000 landmark with a strong uptrend maintained surging ahead gaining more than 200 points with strong move witnessed from the heavyweight stocks like RIL, HDFC Bank, Infy and ONGC which led the rally. The support for the day is seen at 21,950 while the resistance is seen at 22,300 levels. Bank Nifty would have a daily range of 47,800–48,600 levels.”
Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 16
Stocks to buy today
1] Latent View Analytics | Buy | Target: ₹497 | Stop Loss: ₹472
2] Alembic Ltd | Buy | Target ₹102 | Stop Loss: ₹96
3] Biocon | Buy | Target: ₹295 | Stop Loss ₹276
Catch Live Market Updates here
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 decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
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.
