Buy or sell stocks: Amid broad-based selling across sectors, the Indian stock market ended lower on Wednesday. The Nifty 50 index witnessed a sharp correction on the previous session and ended 338 points or 1.51 percent lower at 21,997 level. The BSE Sensex crashed 906 points or 1.23 percent and closed at the 72,761 mark while the Bank Nifty index finished 301 points lower at the 46,981 level. However, sharp selling in the broad market continued as the small-cap index tanked 5.11 percent whereas the mid-cap index nosedived 4.20 percent.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market sentiment has turned weak as the Nifty 50 index has broken its 50 DEMA placed at 22,000 level. The Prabhudas Lilladher expert went on to add that the immediate support for the 50-stock index is now placed at the 21,900 level while the crucial support for the key benchmark index can be assumed at the 21,800 mark. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — ICICI Bank, Tata Consultancy Services (TCS), and HDFC Bank.
Also Read: Dividend stocks: Wonder Electricals shares to trade ex-dividend today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed heavy selling pressure and tanked losing 300 points breaking below the 22,000 zone to touch the important support zone of 50 DMA levels of 21,900 with bias overall turning weak and stocks witnessing heavy profit booking shedding their gains. The near-term support of 21,800 is visible where the index should stabilize and is anticipated to bottom out near that zone.”
“The Bank Nifty also eroded its gains to slip below the 47,000 with profit booking witnessed, with some of the frontline private banking stocks still looking in the positive bias zone,” said Parekh.
Parekh went on to add that the immediate support for the Sensex/ Nifty today is placed at 72100/21800, while the resistance is seen at 73400/22200. The Bank Nifty would have a daily range of 46,500 to 47,500 levels.
Stocks to buy today
1] ICICI Bank: Buy at ₹41084, target ₹1175, stop loss ₹1050;
2] TCS: Buy at ₹4149, target ₹4300, stop loss ₹4050; and
3] HDFC Bank: Buy at ₹1460.40, target ₹1540, stop loss ₹1425.
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 making any investment decisions.l
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.
