Buy or sell stocks for today: Following mixed trend in global market, Indian stock market ended lower for second straight session. NSE Nifty ended 13 points lower at 19,646 levels, BSE Sensex lost 106 points and finished at 66,160 mark while Bank Nifty index corrected 211 points and closed at 45,468 levels. However, broad market indices outperformed key benchmark indices as small-ca index surged 0.49 per cent whereas mid-cap index went up 0.55 per cent.
Intraday trading strategy for stock market today
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher believes that Nifty today has immediate support placed at 19,550 levels. Prabhudas Lilladher expert went on to add that a decisive breach and sustaining below 19,600 zone shall weaken the trend further to see further slide with next major support zone lying near 19,250 to 19,300 zone. Asked about stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are HAL, GAIL and NTPC.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after resisting near the psychological barrier of 20,000 zone has slipped down with support maintained near 19,600 levels on twice occasions indicating a strong base and further rise is anticipated. A decisive breach and sustaining below 19600 zone shall weaken the trend further to see further slide with next major support zone lying near 19,250 to 19,300 zone.”
“Bank Nifty after resisting near the 46300 zone has slipped down with near-term support maintained near the 45,000 levels and with 46,300 zone acting as the important hurdle, a decisive breach above that zone is needed to carry on the momentum still further ahead with next targets of 48,000 to 48,200 anticipated. At the same time, a decisive breach below the 45,000 levels would further weaken the bias and can extend the downward journey with next major support visible near 44,200 to 44,300 levels,” said Parekh.
Parekh went on to add that immediate support for Nifty is placed at 19,550 levels while the resistance is seen at 19,800 levels. Bank Nifty would have the daily range of 45,000 to 45,700 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for 31 July 2023, here we list out full details in regard to those day trading stocks:
1] HAL: Buy at ₹3940, target ₹4060, stop loss ₹3880;
2] GAIL: Buy at ₹118, target ₹126, stop loss ₹116; and
3] NTPC: Buy at ₹208, target ₹218, stop loss ₹205.
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 taking any investment decisions.
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Updated: 31 Jul 2023, 06:43 AM IST