Buy or sell shares for today: Indian shares extended their decline for the seventh straight session on Monday, dragged by weak global sentiments as US indices closed their worst week since early December. The Nifty 50 index closed at 17,392, down 73 points, while the BSE Sensex closed at 59,288, down 175 points. But, banking stocks gained confidence in the market rally as the Bank Nifty index closed at 40,307 with a gain of 397 points. In the broader markets, the small-cap index declined 1.28 per cent, while the mid-cap index declined 0.69 per cent.
intraday trading strategy for tuesday
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that the Nifty is holding the key support of 17,300. Prabhudas Lilladher expert said a move below this level of the 50-stock index could trigger fresh weakness on Dalal Street which could close around 16,800 levels. However, Vaishali Parekh is hopeful of coming back bank nifty Index in the form of some frontline banking stocks like SBI, Kotak Mahindra BankICICI Bank is showing a potential upside movement on the chart pattern.
Speaking on today’s outlook for Nifty, Vaishali Parekh said, “Nifty once again closed at the lower end, hitting a low of 17,300 which is an important support area and close to 200 DMA level near 17,370 .Continues to slide. 7th session in a row so far and a decisive breach below 17,300 from here could trigger further downside with next major support seen near 16,800 area.”
banking stocks in focus
Prabhudas Lilladher expert further added, “Bank Nifty on the other hand saw a positive close with 39,800 which has remained as support so far and is indicating a pullback. Some frontline banking stocks like ICICI BankKotak Bank and State Bank Of India Indicated some correction to help the index close and close at 40,300 area.”
“Support for NSE Nifty is seen near 17,300 levels, while resistance is seen near 17,550 levels. The daily range for Bank Nifty will be in the 39,900 to 40,700 levels,” Parekh said.
stocks to buy today
When asked about intraday stocks for today, Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today and those two day trading stocks are ICICI Bank and Power Grid. Here we list the complete details regarding these three day trading stocks of today:
1]ICICI Bank: buy on 856, target 886 stop loss 842; And
2]Power Grid: buy on 219, Lakshya 228, stop loss 215.
Disclaimer: The views and recommendations given 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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