Buy or sell stocks for today: Despite weak global market sentiments, key benchmark indices of the Indian stock market ended higher on Wednesday. NSE Nifty ended above 20,000 for the first time ever at 20,070 levels, logging an intraday gain of 76 points. BSE Sensex gained 245 points and ended at 67,466 mark whereas Bank Nifty finished 398 points higher at 45,909 levels. Small-cap index outperformed Nifty even as the advance decline ratio rose sharply to 1.94:1.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall stock market sentiment has improved after closure of Nifty above 20,000 levels. Prabhudas Lilladher expert went on to add that broader markets also recovered significantly from the lows to bring relief to the market players and further upward move is anticipated. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those day trading stocks are State Bank of India (SBI), Tourism Finance Corporation of India and Nocil.
On outlook for Nifty today, Vaishali Parekh of Prabhudas Lilladher said, "Nifty once again maintained the 19950 zone and witnessed a decent gradual rise during the intraday session to close above the 20000 mark for the first time significantly improving the bias and sentiment anticipating for further rise in the coming days. The broader markets also recovered significantly from the lows to bring relief to the market players and further upward move is anticipated."
"Bank Nifty witnessed a strong move closing near the 46000 mark with frontline Private Banks and PSU Banking stocks beginning to improve their trend with indicators turning positive and much upside potential visible from current levels. The index would have the next major target of 48000 once the 46300-46400 zone is decisively breached," said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 19,950 levels while the resistance is seen at 20,200 levels. Bank Nifty would have the daily range of 45,700 to 46,400 levels.
Stocks to buy today
1] SBI: Buy at ₹596.45, target ₹630, stop loss ₹588;
2] Tourism Finance Corporation of India: Buy at ₹104.65, target ₹115, stop loss ₹102; and
3] Nocil: Buy at ₹248.95, target ₹262, stop loss ₹244.
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.
