Stock for today or sell by: After positive sentiments on Wall Street, Indians Share Market Ended higher on Friday, narrowing its weekly losses in previous sessions. The NSE Nifty closed 171 points higher at 17,185 while the BSE Sensex closed 684 points higher at 57,919. Nifty Bank climbed 681 points to end at 39,305. The broad market index underperformed as the focus was on frontline large-cap stocks. The forward drawdown ratio, however, improved to 0.95:1.
Vaishali Parekh’s recommendations on the stock market today
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that the Indian stock market hit the streets with massive gaps and played the bullish card throughout the day, only to drop gains during the last hour of the session. For. Overall, the stock market sentiment has improved but Nifty needs to remain above the 17,300 to 17,350 level, he added. Vaishali Parekh of Prabhudas Lilladher further said that Nifty Bank is showing more strength than Nifty 50 Index. On stocks to buy today, Prabhudas Lilladher expert recommended two stocks to buy today and those two stocks are Mahanagar Gas Limited (MGL) and Larsen & Toubro (L&T).
Speaking on intraday trading strategies for stock market today, Vaishali Parekh said, “Nifty Nifty opened with a wide margin near 17300 zone and erased all the negative sentiments seen in the previous day, but saw huge profits in the latter half.” and closed near 17200 zone. Bank Nifty also opened the session on a positive note near 39400 zone and maintained the levels with a rangebound session near 39300 zone.
Prabhudas Lilladher’s Vaishali Parekh says overall, sentiment has improved but Nifty needs to break above 17300-17350 zone decisively, as said earlier, some clarity and conviction about the trend To establish, while Bank Nifty has shown strength in comparison. Nifty index is consolidating with individual frontline stocks like Kotak Bank, ICICI Bank and HDFC Bank looking positive and looking to move forward. Support for the day is seen at 17,050 while resistance will lie at 17,350. The daily range of Bank Nifty will be in the range of 38,800 to 40,000.
stocks to buy today
As mentioned above, Vaishali Parekh has two recommended stocks to buy today. Here we list the details about those who bought or sold the stock for today:
1]Mahanagar Gas Limited or MGL: buy on 808, target 840, stop loss 794; And
2]Larsen & Toubro (L&T): buy on 1911, target 1952, Stop Loss 1885.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.