Buy or sell stocks for today: Key benchmark indices of the Indian stock market ended higher for sixth straight Muhurat trading session on Sunday. Nifty 50 index gained 100 points and closed at 19,525 levels, BSE Sensex shot up 354 points and finished at 65,259 mark whereas Bank Nifty index ended 176 points higher at 43,996 levels. Small-cap index surged 1.14 per cent while mid-cap index 0.67 per cent.
Intraday trading tips
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market mood has improved after Nifty gaining an additional 100 points after consilating in 19,400 to 19,450 zone. However, Prabhudas Lilladher expert maintained that a decisive breach above the 19500-19550 zone is necessary to establish ‘bullish’ momemtum on Dalal Street. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — NTPC, Jindal Steel and Escorts.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after opening with a gap down on Friday last week, recovered to breach above the 19,400 zone and ended in the green on Danteras day, once again consolidating near the 19,400 to 19,450 zone for quite some time. As mentioned earlier, a decisive breach above the 19,500 to 19,550 zone is necessary to establish conviction and carry on the momentum further ahead with 19,200 to 19,250 acting as a good support zone from current levels.”
“Bank Nifty also witnessing a rangebound session for quite some time hovering between 43,950 and 43,500 levels and would need a decisive breach above the important 200 period MA level of 44,000 zone to establish some conviction. The index would have the important support zone of 43,200 of the significant 200 period MA which needs to sustain and expect for further rise from current levels,” said Parekh.
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Parekh went on to add that immediate support for Nifty today is placed at 19,300 levels, while the resistance is seen at 19,550 mark. Bank Nifty would have a daily range of 43,600 to 44,200 levels.
Stocks to buy today
1] NTPC: Buy at ₹242.75, target ₹254, stop loss ₹238;
2] Jindal Steel: Buy at ₹635, target ₹666, stop loss ₹625; and
3] Escorts: Buy at ₹3167, target ₹3300, stop loss ₹3110.
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 decision.
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Updated: 13 Nov 2023, 07:36 AM IST