Buy or sell stocks for today: Following a sharp sell-off in PSU stocks, the Indian stock market gave up early morning gains and ended lower on Monday. The Nifty 50 index lost 166 points and closed at a 21,616 level, the BSE Sensex nosedived 523 points and finished at the 71,072 mark while the Bank Nifty index crashed 752 points and ended at 44,882 level. In the broad market, the small-cap index crashed 3.16 percent whereas the mid-cap index tanked 2.62 percent.
Intraday tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index once again failed to breach the hurdle placed at 21,800 and ended close to the 21,600 level. The Prabhudas Lilladher expert went on to add that the Indian stock market mood tuned cautions after the intensive sell-off on Monday. Vaishali maintained that immediate support for the 50-stock index is now placed at the 21,500 mark while the crucial support for Nifty today is now placed at the 21,300 level.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Coforge, Metropolis Healthcare, and Indo Count Industries.
Stock market today
On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty opened near the 21,800 zone and once again found resistance, witnessed heavy profit booking, and slipped down as the day progressed to end near the 21,600 levels with bias and sentiment turning into cautious mode. The index has the important support zone near the 21,500 level and thereafter, has the crucial and major support at the significant 50EMA zone of 21,300 levels.”
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“Bank Nifty has been oscillating in a rangebound zone for the past 3 sessions and currently has closed just below the important 200 periods MA of 44900 level to weaken the bias and sentiment turning a little bit cautious. The index has got the crucial support of 44400 levels and would need to sustain that zone failing which the overall trend would turn bearish,” said Parekh.
Parekh went on to add that the immediate support for Nifty today is placed at 21,500 while the resistance is seen at 21,750. Bank Nifty would have a daily range of 44,400 to 45,300 levels.
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Stocks to buy today
1] Coforge: Buy at ₹6666, target ₹6880, stop loss ₹6560;
2] Metropolis Healthcare: Buy at ₹1667.40, target ₹1725, stop loss ₹1644; and
3] ICIL: Buy at ₹269.55, target ₹282, stop loss ₹264.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 13 Feb 2024, 06:51 AM IST