Buy or sell stocks for today: After witnessing choppy trade throughout the day, key benchmark indices of the Indian stock market ended mixed on Monday. Nifty 50 index ended 37 points lower at 19,694 levels, BSE Sensex shed 139 points and closed at 65,655 mark whereas Nifty Bank index finished marginally higher at 43,584 levels. Small-cap index ended in the positive even as the advance decline ratio softened to 1.09:1.
Intraday trading tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index has crucial support placed at 19,600 levels. Prabhudas Lilladher went on to add that 50-stock index is facing hurdle at 19,850 levels and the index needs to breach this hurdle for fresh bull trend. However, she maintained that positive sentiments on Dalal Street is still maintained as the key benchmark index is above 19,600 levels.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Mastek, Rico Auto and Indus Towers.
Stock market today
On outlook for Nifty today, Vaishali Parekh said, “Nifty once again continued with the consolidation near the 19,700 zone with an Inside Bar candle pattern with tough resistance near the 19,800 zone and downside 19,650 maintained as the support zone. The index is moving sideways as of now and would need a decisive breach on either side for confirmation of further clear directional move.”
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“Bank Nifty witnessed a flat closing forming a Doji pattern on the daily chart taking support near 43450 zone and is hovering near the weak zone with bias precariously placed. As mentioned earlier, the index has got the important support zone near 43300 zone of the 200 period MA and a decisive breach below shall further weaken the trend to turn bearish,” said Parekh.
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Parekh went on to add that immediate support for Nifty is placed at 19,600 whereas resistance is seen at 19,850 levels. Bank Nifty would have a daily range of 43,200 to 43,900 levels.
Stocks to buy today
1] Mastek: Buy at ₹2416, target ₹2540, stop loss ₹2370;
2] Rico Auto: Buy at ₹90.40, target ₹96, stop loss ₹88; and
3] Indus Towers: Buy at ₹192.20, target ₹204, stop loss ₹188.
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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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.
