Buy or sell stocks for today: Despite sell off in global markets due to weak US economic data and rising bank crisis concerns, Indian stock market managed to extend its rally for fifth straight session on Wednesday. Nifty 50 index surged 44 points and closed at 17,813 levels while 30-stock index Sensex finished 169 points at 60,300 mark. Nifty Bank index surged 151 points and finished at 42,829 levels. In broad markets, small-cap index shot up 0.34 per cent while mid-cap index added 0.27 per cent on Wednesday.
Intraday trading strategy for stock market today
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty has closed above crucial 17,800 levels, which has further strengthened stock market sentiments. Prabhudas Lilladher expert went on to add that next target for Nifty can be expected around 18,200 level with 17650-17700 zone as the important near-term support zone. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are CSB Bank, TVS Motor and Hindustan Unilever Ltd (HUL).
On outlook for Nifty today, Vaishali Parekh said, "Nifty maintained the 17700 zone during the session and finally closed above the important and crucial 17800 zone with a strong positive bias anticipating for further rise in the coming days. The next target expected now is around 18200 level with 17650-17700 zone as the important near-term support zone."
Parekh went on to add that Bank Nifty after the initial slide recovered strongly to close above the 42,800 zone indicating strong sentiment with improved bias and scope for further upward move.
"With most of the frontline banking stocks like ICICI Bank, SBI, HDFC Bank and Kotak Bank well placed with bias maintained positive, we anticipate for the index to achieve the near-term targets of 43700-43800 levels in the coming days," Parekh said. She further stressed that support for Nifty today is placed at 17,700 levels while the resistance is seen at 18,000 levels. Bank Nifty would have the daily range of 42500-43400 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] CSB Bank: Buy at ₹292, target ₹305, stop loss ₹287;
2] TVS Motor: Buy at ₹1125, target ₹1160, stop loss ₹1110; and
3] HUL: Buy at ₹2510, target ₹2585, stop loss ₹2470.
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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