Buy or sell stocks for today: Despite weak global market sentiments on new signs of sustained inflationary pressures in the United States and rising energy prices globally, Indian stock market ended higher for fifth straight session on Thursday. NSE Nifty ended 116 points higher at 19,727 levels, BSE Sensex went up 385 points and closed at 66,265 mark whereas Bank Nifty shot up 469 points and finished at 44,878 levels. Mid-cap index rose more than the Nifty while Small-cap index rose less even as the advance decline ratio was up at 1.49:1.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that market bias has improved after Nifty’s close above 19,700 levels. Prabhudas Lilladher expert went on to add that Nifty may touch 20,000 if the rally extends on Friday session and Nifty manages to end above 19,700 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are CG Power, Parag Milk and VRL Logistics.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after some fluctuations in the morning session picked up strongly as the day progressed to move past the 19,700 zone with conviction to establish a strong trend and anticipating for further rise with 20,000 landmark as the target zone. The index would have 19,600 as the crucial near-term support zone and with most of the frontline stocks coming into participation, the overall bias is maintained optimistic for further gains.”
“Bank Nifty, after a long time, has indicated a bullish candle moving past the crucial barrier of 44,800 zone to improve the sentiment with frontline banking stocks indicating a trend reversal improving their bias and further with a decisive move above 45,000 shall establish conviction for further upward targets of 46,000 to 46,300 levels in the coming days,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 19,600 levels while the resistance is seen at 19,900 levels. Bank Nifty would have the daily range of 44,500 to 45,400 levels.
Stocks to buy today
1] CG Power: Buy at ₹448.70, target ₹475, stop loss ₹442;
2] Parag Milk: Buy at ₹201, target ₹220, stop loss ₹196; and
3] VRL Logistics: Buy at ₹710, target ₹750, stop loss ₹700.
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: 08 Sep 2023, 06:46 AM IST