Buy or sell shares for today: Dalal Street closed with gains for the fourth consecutive session on Thursday led by strong global cues. The 50-stock index Nifty gained 0.57 per cent to hit a 9-week high of 17,915, while the BSE Sensex climbed 348 points to close at 60,649. The Bank Nifty index rallied 170 points and claimed the psychological 43,000 level. In the broader markets, the small-cap index outperformed the major benchmark indices with an intraday gain of 0.62 per cent, while the mid-cap index gained 0.52 per cent. The advance decline ratio ended at 1.75:1.
intraday trading strategy for stock market today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that a Nifty close above 17,900 indicates that the market momentum is on the upside and the 50-stock index is headed towards the next target of 18,200. Bank Nifty underperformed in Thursday’s rally as most of the Bank Nifty stocks remained flat in the previous session, said Prabhudas Lilladher expert. On stocks to buy today, Vaishali Parekh recommends three day trading stocks for today and those three intraday stocks are Mahindra & Mahindra (M&M). Secrament and Jindal Steel.
On today’s outlook for Nifty, Vaishali Parekh said, “Nifty gradually moved up further above 17,900 zone and closed on a positive note with a strong uptrend and as said earlier, the next level around 18,200 levels.” Near term target is expected to hold. With 17,800 level as an important critical support area. The index has found resistance near 17,950-17,970 levels but with strong bias anticipated to break the level and gain further momentum Is.”
“Edge smelly Compared to smelly The index underperformed by finding resistance near 43,000 zone and most frontline banking stocks remained flat during the session. Parekh said, the overall strength remains intact and the ongoing rise will continue to achieve the next near term targets of 43,700-43,800 levels in coming days with a decisive move to 43,000 area.
Vaishali Parekh said that support for the day is seen at 17,800 level while resistance is seen at 18,100 level. The daily range for Bank Nifty will be 42,600-43,500 levels.
stocks to buy today
As mentioned above, Vaishali Parekh recommends three day trading stocks for todayHere we list the complete information regarding those intraday stocks for today:
1]Buy at: Mahindra & Mahindra or M&M’s 1224, target 1260 stop loss 1208;
2]Sanskar: Buy on 389, target 407, stop loss 384; And
3]Jindal Steel: Buy on 579, target 603 stop loss 570.
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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