- Vaishali Parekh recommendations: Bank Nifty would have the daily range of 42,300 to 43,400 levels, believes Prabhudas Lilladher expert
Buy or sell stocks for today: Indian stock market traded sideways on Wednesday after China took further steps towards reopening its COVID-battered economy; however hopes for an economic rebound were moderated by near-term worries over rising cases. NSE Nifty 50 index finished 9 points lower at 18,122, BSE Sensex shed 17 points and closed at 60,910 whereas Bank Nifty index went off 31 points and closed at 42,827 levels. Broad market indices ended in the positive but advance decline ratio fell to 1.34:1 from the high levels over the past two days.
Day trading guide for today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index hovering near the significant 50EMA level of 18160 levels with bias overall seemed to be stabilizing. Prabhudas Lilladher said that current support for Nifty is placed at 18,000 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two stocks are Coromandel International and Pidilite Industries.
On day trading strategy, Vaishali Parekh said, “Nifty had a flat day ranging between 18170 and 18080 levels for the entire trading session and closing marginally on a flat note with the index hovering near the significant 50EMA level of 18160 levels with bias overall seemed to be stabilizing and with a consolidation witnessed for the past two sessions, further directional move can be anticipated with 18,000 maintained as the crucial support zone as of now.”
Prabhudas Lilladher went on to add that support for NSE Nifty seen at 18,000 while the resistance is seen at 18,250 mark. Bank Nifty would have the daily range of 42,300 to 43,400 levels.
BoB, Canara Bank and Karnataka Bank stocks in focus
“Bank Nifty also witnessed a dull day with most of the frontline banking stocks remaining flat and ended the index near 42800 zone. Select PSU Banks like BOB, Canara Bank and KTK Bank continue to show positive bias and is expected to do well in the coming sessions as well,” Parekh added.
Intraday stocks for today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two buy or sell stocks today, here we list out full details in regard to those shares:
1] Coromandel International: Buy at ₹897, target ₹935, stop loss ₹888; and
2] Pidilite Industries: Buy at ₹2587, target ₹2680, stop loss ₹2540.
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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