Buy or sell stocks for today: On account of strong global cues, Dalal Street extended its rally for seventh straight session on Monday. NSE Nifty climbed to record 20,000 peak and climbed to a new life-time high of 20,008 levels. BSE Sensex reclaimed 67,000 levels and closed at 67,127 mark. Bank Nifty index gained 414 points and closed at 45,570 levels. However, mid-cap index outperformed Nifty even as the advance decline ratio rose to 1.23:1.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has touched 20,000 levels but the 50-stock index still has much potential for upside movement. Prabhudas Lilladher expert said that Nifty today is near 20,000 levels and it may go up to 20,400 levels in near term. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Manappuram Finance, RailTel and Power Grid.
On outlook for Nifty today, Vaishali Parekh said, “Nifty witnessed a strong session to create history touching the psychological and important 20,000 landmark during the intraday session ending on a positive note with much upside potential visible from here on till 20,400 levels as the initial target. The broader markets have indicated tremendous strength with the ongoing strong bull run and has further immense scope of upside movement in the coming days.”
“Bank Nifty after moving past the 45,300 zone decisively has indicated a strong close to anticipate for further upward move for next initial target of 46,400 and thereafter 48,000 levels with most of the frontline banking stocks having much upside potential from current levels with 44,600 zone as the major support zone,” said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add that immediate support for Nifty today is placed at 19,850 levels while the resistance is seen at 20,150 levels. Bank Nifty would have the daily range of 45,300 to 46,000 levels.
Stocks to buy today
1] Manappauramm Finance: Buy at ₹148.50, target ₹157, stop loss ₹146.
2] RailTel: Buy at ₹248, target ₹270, stop loss ₹244.
3] Power Grid Corporation: Buy at ₹264.50, target ₹277, stop loss ₹261.
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: 12 Sep 2023, 07:49 AM IST