Buy or sell shares for today: Due to weakness in the US markets, Dalal Street closed in the red zone for the third consecutive day on Friday. The 50-stock index Nifty closed 132 points lower at 17,859, the 30-stock BSE Sensex closed 452 points lower at 59,900, while the Bank Nifty closed 419 points lower at 42,188. Broad market indices continued their decline with the small-cap index falling 0.73 per cent, while the mid-cap index declined 0.72 per cent. The advance-decline ratio remained low at 0.51:1.
day trading strategy for monday
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher is of the view that Nifty may move lower towards 17,250 levels if it breaks the current important support present at 17,800 levels. Experts at Prabhudas Lilladher said TCS shares will be in focus today as street observers and investors eagerly await IT giant TCS’ results for the October to December 2022 quarter. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today and those two stocks are Mahindra & Mahindra (M&M) and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
On intraday trading strategies, Vaishali Parekh of Prabhudas Lilladher said, “Nifty extended losses with a bearish pattern of 3 black crows with the important support area of 17800 on the daily chart and a decisive breach below under renewed selling pressure.” Further downside is expected in the index. The next major support area near the index is 17250 levels which is the important 200DMA level.”
“Bank Nifty further extended losses with a negative candle below the crucial 50EMA level of 42,380 to weaken bias and further breached the key support area of 41,500 to 41,550, which will further create selling pressure in banking Estimates can be made in the region,” Parekh said.
Vaishali Parekh said that support for the NSE Nifty can be seen at 17,700 while resistance can be seen at 18,000 levels. The daily range for Bank Nifty will be in the range of 41,700 to 42,600.
TCS, Infosys shares in focus
With sentiment and bias weakening, all eyes will now eagerly await the results of IT giants Infosys and TCS in the coming week, said expert Prabhudas Lilladher. He said that this whole week TCS and Infosys stocks will be in focus.
stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we list the complete details regarding those two day trading stocks:
1]Mahindra & Mahindra (M&M): buy on 1264, target 1288 stop loss 1250; And
2]Gujarat Narmada Valley Fertilizers and Chemicals or GNFC: buy on 587, target 604 stop loss 580.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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