Buy or sell: Anuj Gupta of IIFL Securities recommends 3 stocks to buy today
Buy or sell stocks for today: After showing consolidation movement on Monday, Indian stock market extended its rally for fourth day in a row on Wednesday. Nifty 50 index ended 159 points higher at 17,557 levels whereas 30-stock BSE Sensex gained 582 points and finished at 59,689 mark. Nifty Bank index shot up 186 points and closed at 40,999 levels. In broad market, small-cap index gained 0.95 per cent while mid-cap index added 0.11 per cent.
Stock market today: Intraday strategy for Thursday
Anuj Gupta believes that market trend is positive but Nifty is facing resistance at 17,600 to 17,650 levels whereas it has immediate support placed at 17,200 levels. Till the 50-stock index is trading in this range, one should maintain buy on dips strategy. The IIFL Securities expert went on to add that on breaching 17,650 levels on closing basis, Nifty 50 index may go up to 17,750 mark in near term. On stocks to buy today Anuj Gupta of IIFL Securities recommended three intraday stocks for today and those three day trading stocks are State Bank of India (SBI), Tata Motors and HDFC Bank.
“On chart pattern Nifty has given breakout and there is spurt in volume as well. IT signals uptrend in the market and hence my suggestion to stock market traders is to maintain buy on dips strategy till Nifty is trading in 17,200 to 17,650 range. In this range, 17,400 is immediate support whereas 17,200 is strong support. On higher side, 17,600 to 17,650 is immediate resistance zone whereas 17,750 is strong resistance for the 50-stock index,” said Anuj Gupta.
Here we list out three day trading stocks recommended by the IIFL Securities expert:
1] SBI: Share price of this banking major has been trying to bounce back from its recent lows. SBI share price has given breakout on chart pattern and it is expected to give some sharp upside movement in near term. One can initiate momentum buy in the scrip for immediate target of ₹545. However, one must maintain stop loss at ₹509.
2] Tata Motors: Shares of this auto major is looking positive on chart pattern and technical indicators are showing huge optimism in regard to the scrip. One can buy Tata Motors shares at current market price for immediate target of ₹445 apiece levels maintaining stop loss at ₹410.
3] HDFC Bank: Share price of this banking stock has showcasing recovery on chart pattern from its recent lows. One can initiate momentum buying in the scrip as HDFC Bank share price may soon go up to 1695 levels in immediate term. But, one must maintain stop loss at ₹1623 while taking any position in HDFC Bank shares.
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.
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