Buy or sell stocks for today: Following strong global market cues on ease in US Fed rate hike tension, Indian stock market finished higher on Friday last week. NSE Nifty went up 150 points and closed at 19,564 levels while BSE Sensex surged 502 points and closed at 66,060 mark. Bank Nifty index gained 154 points and finished at 44,819 levels. However, broad market indices outperformed key benchmark indices of Dalal Street. Small-cap index shot up one per cent whereas mid-cap index went up 1.14 per cent in the previous session.
Intraday trading strategy for Monday
Vaishali Parekh believes that Nifty closing above 19,550 is a good sign and now it is headed for upside target of 19.900 to 20,000 mark. Prabhudas Lilladher expert went on to add that overall sentiment is positive and Nifty breaching the range-bound zone has further improved the secondary market bias. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Hero MotoCorp, DCAL and Tata Consumer.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after a quite decent consolidation, finally breached above the range-bound zone to indicate a breakout to anticipate for fresh upward movement in the coming days with positive bias witnessed among the select frontline stocks. The support of 19,300 has been maintained and one can expect for next initial targets of 19,900 to 20,000 levels with bias turning once again positive with trend maintained strong.”
“Bank Nifty once again maintained the strong support zone of 44,500 levels and witnessed a decent pullback in the final hours to close in the green with bias and sentiment much improved. Overall, the 44,500 level is still maintained as an important support zone whereas on the upside a decisive breach above 45,500 levels would trigger for a breakout and expect for further fresh upward movement,” said Parekh.
Parekh went on to add that Nifty today has immediate support placed at 19,450 whereas it is facing resistance at 19,700. Bank Nifty today is expected to trade in 44,500 to 45,300 range.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out important details in regard to those day trading stocks:
1] Hero MotoCorp: Buy at ₹3136, target ₹3250, stop loss ₹3080;
2] DCAL: Buy at ₹138.50, target ₹145, stop loss ₹136; and
3] Tata Consumer: Buy at ₹851, target ₹885, stop loss ₹838.
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: 17 Jul 2023, 06:42 AM IST