Buy or sell stocks for today: Despite subdued US CPI report, global market sentiments remained positive that helped Indian stock market finish higher on third day in a row. NSE Nifty added 39 points and closed at 18,755 levels, BSE Sensex went up 85 points and ended at 63,228 mark. However, Bank Nifty finished 91 points lower at 43,988 levels. Small-cap index rose more than the Nifty even as the advance decline ratio softened but remained above par at 1.19:1.
Intraday strategy for stock market today
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that market sentiments have improved after Nifty’s closure above 17,750 levels. Prabhudas Lilladher went on to add that Nifty is slowly coming closure to previous peak as broader market is participating in this rally. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are GNFC, HAL and IGL.
On outlook for Nifty today, Vaishali Parekh said, “Nifty once again gave a positive close moving above the 18,750 zone improving the bias, slowly heading to retest the previous peak zone of 18,880 levels which would be very crucial and thereafter, would decide the further trend of the index. As of now, with 18450 zone maintained as the strong support zone, the index is on a gradual pick up and with the broader markets showing active participation one can anticipate the all time high levels to be achieved in the coming days.”
“Bank Nifty on the other hand, continue to witness a very stagnant movement hovering near the 44,000 zone for quite some time and as said earlier, would need a decisive breach above the 44,500 zone for further fresh upward movement,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 18,650 levels while the resistance is seen at 18,900 levels. Bank Nifty would have the daily range of 43,700 to 44,400 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] GNFC: Buy at ₹594, target ₹617, stop loss ₹584;
2] HAL: Buy at ₹3715, target ₹3830, stop loss ₹3665; and
3] IGL: Buy at ₹469, target ₹484, stop loss ₹462.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 15 Jun 2023, 06:48 AM IST