Buy or sell stocks: On the last trade session in FY24, the Indian stock market witnessed a decisive intraday upside breakout. The Nifty 50 index went up 203 points and ended at the 22,326 level, the BSE Sensex shot up 655 points and finished at the 73,651 mark whereas the Bank Nifty index surged 338 points and closed at the 47,124 level. In the broad market, the small-cap index gained 0.33 percent while the mid-cap index scaled 0.62 percent north on the last trade session of FY24.
Intraday trading tips for Monday
Vaishali Parekh, Vice President — Technical Research a Prabhudas Lilladher believes that the Nifty 50 index gained strength and one can anticipate retesting the peak zone of 22,526 levels. The Prabhudas Lilladher expert went on to add that the 50-stock index is set to test next higher targets of 22,700 and 23,200. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — Deepak Fertilizer, Eicher Motors, and LIC Housing Finance.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 witnessed a strong run up on the final day of the financial year 2023-2024 to end on a strong note near 22,350 zones with an intraday high of 22,516 levels on the back of heavy buying witnessed among the frontline stocks. The index has once again gained strength and one can anticipate retesting the peak zone of 22,526 levels in the coming days with next higher targets of 22,700 and 23,200 levels expected.”
“The Bank Nifty index also gained momentum during the intraday session to touch the high of 47,440 levels with improvement in the bias and ended the day near 47,100 levels. As mentioned earlier, a decisive breach above the 47,300 zones would establish conviction to anticipate a further rise in the coming days,” said Parekh.
Prakh went on to add that Nifty today has immediate support placed at 22,200 levels while the resistance would be seen at 22,500 levels. Bank Nifty would have a daily range of 46,700-47,600 levels.
1] Deepak Fertilizer: Buy at ₹504, target ₹530, stop loss ₹492;
2] Eicher Motors: Buy at ₹4019, taqrget ₹4200, stop loss ₹3930; and
3] LIC Housing Finance: Buy at ₹611, target ₹640, stop loss ₹596.
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 making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 01 Apr 2024, 06:46 AM IST