Buy or sell shares for today: After showing range bound movement with a positive bias in the last few sessions, Indian stocks witnessed a sharp decline on Wednesday. The 50-stock NSE Nifty index closed 189 points lower at 18,042, the BSE Sensex closed 636 points lower at 60,657 while the Nifty Bank index closed 466 points lower at 42,958. The broad market came under severe pressure as the forward drawdown ratio fell to 0.42:1.
Today’s day trading strategy for stock market
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher is of the view that Nifty has indicated bearish candle on the daily chart, which has weakened bias and market sentiment. Prabhudas Lilladher expert suggested traders go for select stocks till further clarity emerges. Vaishali Parekh of Prabhudas Lilladher recommends two intraday stocks to buy on shares today and those two stocks are Maruti Suzuki India Limited or MSIL and Divi’s Laboratories.
On Intraday Trading Tips for Day Traders, Vaishali Parekh said, “Nifty witnessed heavy profit-booking after witnessing a strong resistance hurdle near 18,250 area in last 2-3 sessions and slipped towards 18,000 levels during the intraday session Where it found support. For now. Nifty has indicated a bearish candle on the daily chart which has weakened the bias and once again maintained the sentiment with a cautious outlook.
Parekh said that Bank Nifty is also witnessing a resistance zone near 43,550 level, which has touched a low of 42,900, weakening the bias and sentiment and breached the crucial area of 42,700 level, which is trending down. Will weaken and can anticipate for further slide.
On her suggestion to intraday traders, Vaishali Parekh said, “With the overall bias and sentiment weakening once again, we suggest to go for select stocks only till further clarification and conviction is established. Viewed support for the day 17,900 while resistance is seen at 18,200. The daily range for Bank Nifty will be in the range of 42,400 to 43,500.
stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has Buy recommendation on two stocks today. Here we list the complete information regarding those intraday stocks:
1]Maruti: buy on 8422, target 8640, stop loss 8300; And
2]Divi’s Lab: buy on 3435, target 3550, stop loss 3370.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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