Buy or sell stocks for today: Following strong global market sentiments, Indian stock market snapped its two days losing streak and ended higher on Monday. NSE Nifty gained 40 points and closed at 19,306 levels, BSE Sensex went up 110 points and closed at 64,996 mark whereas Bank Nifty index shot up 263 points and ended at 44,494 levels. Broad market indices rose more than the Nifty even as the advance decline ratio stayed above 1:1.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher believes that Nifty has consolidated in 19,200 to 19,400 zone. After pull back from near 19,230 levels, Prabhudas Lilladher expert believes that a decisive move past the 19,400 levels would once again strengthen the trend. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are GHCL, Navin Fluorine and Confidence Petroleum.
On outlook for Nifty today, Vaishali Parekh said, "Nifty, witnessing a decent pullback near the previous day's low level, which is around the 19,230 zone, closed above the 19,300 zone for the day and has now consolidated in the range of the 19,200 to 19,400 zone for quite some time. As said earlier, a decisive move past the 19,400 levels would once again strengthen the trend and carry on the momentum to the upside. On the downside, support is at around 19,200 to 19,230, and a decisive breach below that would turn the bias weak."
"Bank Nifty also maintained the levels above the 44,500 zone after the decent recovery from 44200 to keep the bias intact, and with some of the banks like HDFC Bank, PSU Banks, and Kotak Bank showing improvement in their bias, it is expected to do well further in the coming sessions," Parekh said adding, "The support for the day is seen at 64,500/19,200, while the resistance is seen at 65,450/19,380. The Bank Nifty would have a daily range of 44,000 to 45,000 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:
1] GHCL: Buy at ₹539, target ₹580 to ₹600, stop loss ₹519;
2] Navin Fluorine: Buy at ₹4509, target ₹5000, stop loss ₹4200; and
3] Confidence Petroleum: Buy at ₹92.40, target ₹120, stop loss ₹80.
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 decisions.
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Updated: 29 Aug 2023, 07:20 AM IST
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