Buy or sell stocks for today: Despite weakness in global market sentiments, Indian stock market extended its upside movement for yet another session on Thursday. NSE Nifty and BSE Sensex hit a new life-time high on the previous session. The 50-stock index Nifty climbed to a new peak of 19,512 whereas BSE Sensex hit a new record high of 65,832. Bank Nifty ascended 188 points and closed at 45,339 levels. In broad market, both mid-cap and small-cap indices climbed to a new life-time high of 29,235 and 33,247 respectively.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Nifty breaching 19,500 levels and closing close to days high has improved the positive sentiments further. Prabhudas Lilladher expert went on to add that frontline stocks are showcasing further upside movement on chart pattern. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Cochin Shipyard, Laurus Labs and RITES.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after two sessions of consolidation maintaining the support near 19300 zone, has indicated a positive candle with bias once again getting better and sentiment wise has much improved anticipating for further rise with major frontline stocks once again showing strength to carry on the momentum further ahead. We maintain the near-term support zone near 19,300 levels whereas the upside target remains intact at 19,800 to 19,900 levels with the broader markets also continue to show active participation.”
“Bank Nifty also maintaining the support zone near 45,000 zone in the last 2-3 sessions, ended the day on a positive note with bias once again improving and indicators showing prominent strength for further rise in the coming days. The levels for the index also remain intact with near-term support at around 44,600 levels while on the upside has potential to go further till 46,200 to 46,400 zone,” Parekh said.
Parekh went on to add that immediate support for Nifty today is placed at 19,400 levels while the resistance is seen at 19,650 levels. Bank Nifty would have the daily range of 45,000 to 45,800 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] Cochin Shipyard: Buy at ₹576, target ₹600, stop loss ₹565;
2] Laurus Labs: Buy at ₹367, target ₹380, stop loss ₹361; and
3] RITES: Buy at ₹372, target ₹386, stop loss ₹365.
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: 07 Jul 2023, 06:41 AM IST