Buy or sell stocks for today: Last week, Indian stock market remained range-bound despite Nifty 50 index forming bullish candle on the weekly chart pattern. The 50-stock index went off 7 points and closed at 19,794 levels, BSE Sensex ended 47 points lower at 65,970 mark whereas Bank Nifty index gained 191 points and finished at 43,769 levels on Friday last week. Broad market indices ended marginally higher even as the advance-decline ratio closed at 1.16:1.
Intraday trading tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is facing hurdle at 19,800 to 19,850 zone. Prabhudas Lilladher expert went on to add that the 50-stock index needs to breach this hurdle decisively for gresh uptrend and touch previous all-time high levels. On stocks to buy today, Vaishali Parekh recommended three stocks to buy today — Torrent Power, MRPL and Gabriel India.
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Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty once again was gripped near the zone of 19800-19850 levels throughout the day as was witnessed in the last 5-6 sessions without any major directional move. As mentioned earlier, the index needs a decisive breach above the 19850 zone for a clear breakout and anticipate for further rise to retest the previous peak zone.”
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On outlook for Bank Nifty today, Prabhudas Lilladher expert added, “Bank Nifty witnessed some pullback since the last session from near the significant 200 period MA to touch 43,800 zone to slightly improve the bias. As mentioned earlier, the index needs to breach above the important 50EMA level of 43,900 zone for further improvement in the bias and anticipate for further rise in the coming days.”
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Parekh went on to add that immediate support for Nifty today is placed at 19,700 while the resistance is seen at 19,900 levels. Bank Nifty would have a daily range of 43,500 to 44,000 levels.
Stocks to buy today
1] Torrent Power: Buy at ₹816, target ₹840, stop loss ₹805;
2] MRPL: Buy at ₹118.90, target ₹124, stop loss ₹117; and
3] Gabriel India: Buy at ₹409.90, target ₹430, stop loss ₹403.
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.d
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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.