Buy or sell stocks for today: Following weak global market cues, Indian stock market ended lower for seconds session in a row on Friday. In the week gone by, BSE Sensex surged to a new peak of 63,601 whereas NSE Nifty missed to breach its current high of 18,887 by just one point. However, small-cap and mid-cap indices continue to scale higher in the ongoing participatory rally on Dalal Street, which has put market investors and market observers hopes alive in regard to Nifty hitting a new life-time high in near term.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has major support placed at 18,450 and a decisive breach below 18,650 may trigger further weaken the market bias. Prabhudas Lilladher expert went on to add that NSE Nifty needs to sustain above 18,800 on closing basis to keep the hopes alive about climbing to a new peak. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are BSE, Railtel and Shanti Gears.
On outlook for Nifty today, Vaishali Parekh said, "Nifty ended in the red for the second consecutive day taking support near the important level of 18,650 during the intraday session slightly weakening the bias and sentiment and a decisive breach below 18650 zone would trigger for further slide in the coming days with 18,450 zone as the major important support level. For the bias to improve, again the index needs to move past and sustain above the 18,800 zone to anticipate for further breakout above the previous peak zone of 18,887 level."
"Bank Nifty continue to remain sluggish hovering near the 43500 and 43800 levels with major frontline banking stocks remaining lull throughout the session. For the index, as said earlier, the level of 43,000 remain as the strong support while 44,400 would be strong resistance barrier which needs to be breached decisively for fresh breakout," said Parekh.
Parekh went on to add that Nifty today has immediate support placed at 18,550 levels while the resistance is seen at 18,800 levels. Bank Nifty would have the daily range of 43,300 to 44,000 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks for today:
1] BSE: Buy at ₹608, target ₹655, stop loss ₹598;
2] Railtel Corporation: Buy at ₹127, target ₹135, stop loss ₹124; and
3] Shanti Gears: Buy at ₹462, target ₹492, stop loss ₹463.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 26 Jun 2023, 06:33 AM IST
Buy or sell: Vaishali Parekh recommends three stocks to buy today — 26th June | Mint - Mint
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