Buy or sell stocks for today: Following pause in global market rally, Indian stock market pared early morning gains on Thursday. However, Nifty 50 and BSE Sensex managed to remain in positive terriroty. Nifty 50 index ended 89 points higher at 19,765 levels, BSE Sensex finished 306 points up at 65,982 mark. However, Nifty Bank index shed 40 points and closed at 44,161 levels. Broad market indices rose a little more than key benchmark indices even as the advance decline ratio remained firm at 1.12:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is facing resistance at 19,850 levels. Prabhudas Lilladher expert went on to add that the 50-stock needs to breach this hurdle decisively for further upward movement. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Hero Motocorp, Dr. Lal PathLabs and Havells India.
On outlook for Nifty today, Vaishali Parekh said, "Nifty after opening on a flat note picked up momentum with positive bias as the day progressed to cross the 19850 zone where it witnessed resistance and slipped to some extent closing on a positive note. The index needs to breach above the hurdle of 19,850 zone for further upward movement and anticipate for retesting the previous peak zone."
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"Bank Nifty once again attempted to breach above the 44,400 zone but failed to do so and in the last hour witnessed some heavy profit booking to close near the 44,150 zone. The close above the significant 100 period MA level of 44,500 is important to sustain the positive bias and anticipate for further upward move," said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 19,650 while the resistance is seen at 19,900 levels. Bank Nifty would have a daily range of 43,900 to 44,500 levels.
1] Hero Motocorp: Buy at ₹3280, target ₹3410, stop loss ₹3235;
2] Dr. Lal Pathlabs: Buy at ₹2680, target ₹2800, stop loss ₹2640; and
3] Havells India: Buy at ₹1279, target ₹1340, stop loss ₹1258.
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.
