Buy or sell stocks for today: Aided by rally in IT and auto stocks, Indian stock market registered sharp recovery and finished higher for second straight session on Wednesday. Nifty 50 index gained 28 points and closed at 19,811 levels, BSE Sensex added 92 points and ended at 62,023 mark. However, Bank Nifty index lost 239 points and closed at 43,449 levels. Mid-cap index rose more than the Nifty 50 index while small-cap index lagged even as the advance decline ratio stood at even.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index has been hovering near the 19,700 to 19,850 zone for quite some time and need a decisive breach above the 19850 levels to confirm an upward directional move. On stocks to buy today, Vaishali Parekh recommended three stocks to buy today — Bata India, Greaves Cotton and JSW Energy.
Stock market today
On outlook for Nifty today, Vaishali Parekh said, “Nifty witnessed a volatile session once again resisting near the 19,850 zone touching an intraday low of 19,700 levels to recover strongly and end in the green near 19800 zone. The index has been hovering near the 19,700 to 19,850 zone for quite some time and need a decisive breach above the 19,850 levels to confirm an upward directional move.”
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“Bank Nifty once again witnessing weakness slipped down towards the important 200 period MA during the intraday session to recover to some extent and closed in the red near the 43,450 zone. The index has got the crucial support zone at 43,300 zone of the 200 period MA and a decisive breach below shall further weaken the trend to turn bearish,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 19,700 levels while the resistance is seen at 19,900 levels. Bank Nifty would have a daily range of 43,200 to 43,800 levels.
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Stocks to buy today
1] Bata India: Buy at ₹1619, target ₹1690, stop loss ₹1595;
2] Greaves Cotton: Buy at ₹132.40, target ₹140, stop loss ₹130; and
3] JSW Energy: Buy at Rs418, target ₹436, stop loss ₹412.
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.
