Buy or sell stocks for today: Following strong global sentiments on overnight gains in US stock markets, Dalal Street advanced and managed to end higher on Tuesday. 50-stock Nifty index finished 119 points higher at 17,107 levels while 30-stock Sensex ended 445 points up at 58m074 mark. Bank Nifty index surged 532 points and closed at 39,894 levels. In broad market, small-cap index gained 0.50 per cent while mid-cap index finished 0.66 per cent higher on Tuesday session.
Intraday trading strategy for Wednesday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Tuesday gains have further improved stock market sentiments in India. Prabhudas Lilladher expert went on to add that Bank Nifty also improved its bias by breaching above the 39,800 zone wtih most of the frontline bank stocks are picking momentum. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are GNFC, REC and Axis Bank.
On outlook for Nifty today, Vaishali Parekh said, “Nifty after opening on a positive note near 17050 zone remained rangebound in the initial half and thereafter gathered momentum to close above the 17100 level with sentiment and bias improved to some extent. The index has the next crucial and important resistance zone of 17200-17230 above which the trend shall improve to establish some conviction for further rise.”
Parekh went on to add that Bank Nifty also improved its bias by breaching above the 39800 zone with most of the frontline banking stocks indicating decent pick up and are well placed anticipating for further upside move. A decisive breach above 40400 would further improve the trend which can take the index to around 41200-41300 zone.
“The support for the day is seen at 17,000 while the resistance is seen at 17,300 levels. Bank Nifty would have the daily range of 39,500-40,500 levels,” Parekh said.
Day trading stocks
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks:
1] GNFC: Buy at ₹534, target ₹552, stop loss ₹525;
2] Axis Bank: Buy at ₹855, target ₹880, stop loss ₹842; and
3] REC: Buy at ₹118, target ₹124, stop loss ₹116.
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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