Buy or sell stocks for today: After witnessing topsy-turvy trade during morning session, Indian stock market ended on a mixed note on Thursday. Nifty 50 index finished 36 points higher at 20,133 levels, BSE Sensex closed 86 points higher at 66,988 mark whereas Bank Nifty index lost 84 points and closed at 44,481 levels. Broad market indices rose more than the Nifty 50 index even as the advance decline ratio was almost even at 1.06:1.
Vaishali Parekh, Vice President —Technical Research at Prabhudas Lilladher believes that overall stock market trend is positive as Nifty 50 index ended above 20,100 levels. Prabhudas Lilladher expert went on to add that market may expect the 50-stock index to touch new all-time high till Nifty 50 index is above 20,000 levels.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — L&T Finance, Kalpataru Projects International Ltd or KPIL and Intellect Design Arena.
On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty witnessed some volatility during the intraday session maintaining above the 20,000 zone and in the final hours recovered to close above the 20,100 level with bias remaining positive and is gradually inching ahead to retest the previous peak zone of 20,222 levels. We anticipate some resistance near the peak zone and only a decisive breach above 20,250 zone shall confirm for further rise in the coming days."
On outlook for Bank Nifty today, Parekh said, "Bank Nifty managed to close above the 44,450 zone of significant 50EMA level after resisting near the 44,800 zone during the intraday session. As mentioned earlier, a decisive close above 45,000 is necessary to establish a confirmation for further rise in the coming days."
Parekh went on to add that immediate support for Nifty 50 today is placed at 20,000 while the resistance is seen at 20,250. Bank Nifty would have a daily range of 44,200 to 44,800 levels.
1] L&T Finance: Buy at ₹148.25, target ₹155, stop loss ₹146;
2] KPIL: Buy at ₹663.25, target ₹690, stop loss ₹655; and
3] Intellect Design Arena: Buy at ₹734.45, target ₹765, stop loss ₹725.
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 decision.
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