Buy or sell: Vaishali Parekh recommends three stocks to buy today — 02nd August
The Sensex and Nifty both closed with minor losses of 0.1 per cent each. However, Nifty Midcap and Nifty Smallcap registered gains, closing higher by 0.03 per cent and 0.68 per cent respectively.
Among the top gainers were Nifty IT, Nifty Metal, and Nifty Pharma, while Nifty Realty, Nifty PSU Bank, and Nifty FMCG were among the top losers.
NTPC, Coal India, and Tech Mahindra were notable gainers, whereas Power Grid Corporation of India, Hero Motocorp, and Apollo Hospitals were among the major losers from the Nifty 50 index.
The broader market exhibited a positive sentiment, with about 1290 stocks advancing and 671 stocks declining. India VIX, a gauge of market volatility, saw a decline of 1.25 per cent.
Intraday trading strategy for Wednesday
On outlook for Nifty today, Vaishali Parekh said, “Nifty index has been hovering near the 19600-19800 zone for quite some time with consolidation witnessed and has maintained the important support zone of 19600 levels as mentioned earlier. The broader market indices are performing well once again while the frontline stocks have somewhat remained stagnant overall with 19800 zone acting as the near-term resistance barrier. BankNifty also has remained sluggish with very narrow rangebound movement hovering near the 45500-45650 zone for major part of the trading session. The levels near 45000 remains as the crucial and strong support zone as of now and upside a decisive breach above 46300 zone is much required to indicate a breakout for fresh upward move. The support for the day is seen at 19650 levels while the resistance is seen at 19850 levels. BankNifty would have the daily range of 45400-46000 levels.
Stocks to buy today
Rites: Buy at 465, stop loss 459, Target 484
Mahindra & Mahindra: Buy at 1493, stop loss 1475, Target 1540
Eicher Motors: Buy at 3415, stop loss 3360, Target 3530
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Updated: 01 Aug 2023, 11:06 PM IST
