Buy or sell stocks for today: Dragged down by weak global cues, Indian stock market snapped four days winning streak and finished lower on Thursday. NSE Nifty lost 91 points and closed at 18,634 levels, BSE Sensex shed 294 points and closed at 62,848 mark whereas Bank Nifty index corrected 280 points and finished at 43,995 levels. Mid-cap index fell more than the Nifty even as the advance decline ratio fell to 0.55:1.
Intraday strategy for stock market today
Vaishali Parekh, Vice President – Technical Research at Prabhudas believes that market sentiment has turned cautious as broad market and key benchmark indices have witnessed profit booking on same pattern. Prabhudas Lilladher expert went on to add that Nifty today has crucial support placed at 18,450 whereas Bank Nifty today has support placed at 43,700 levels. On intraday stocks for today, Vaishali Parekh recommended three stocks to buy and those three day trading stocks for today are NTPC, GPIL and Mahindra CIE Automotive.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after the morning session witnessed heavy selling resisting near 18,770 zone and lost momentum as the day progressed to end in the red near 18,600 levels. The sentiment has turned little bit cautious with the broader market also witnessing some profit booking after a significant period with 18,450 as the crucial support zone.”
“Bank Nifty also slipped drastically from the 44400 zone to weaken the bias and closed just below the 44,000 levels losing 280 points. As mentioned earlier in our report, the index has the crucial support zone near 43,700 level whereas 44,500 zone remains as the resistance barrier which needs a breakout,” Parekh said.
Parekh went on to add that support for Nifty today is placed at 18,500 levels while the resistance is seen at 18,800 levels. Bank Nifty would have the daily range of 43,700 to 44,400 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] NTPC: Buy at ₹182, target ₹190, stop loss ₹179;
2] GPIL: Buy at ₹373, target ₹387, stop loss ₹369; and
3] Mahindra CIE: Buy at ₹512, target ₹532, stop loss ₹502.
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: 09 Jun 2023, 06:34 AM IST
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