Buy or sell stocks for today: Following weak sentiments from the US stock market, Dalal Street ended its two-day rally and ended in the red zone on Thursday. The Nifty 50 index closed at 17,076, down 75 points, while the BSE Sensex closed at 57,925, down 289 points. The Bank Nifty index fell nearly 1 per cent and closed at 39,616. In the broader markets, the small-cap index fell 0.15 per cent, while the mid-cap index shed 0.45 per cent. The advance fall ratio ended at 0.62:1.
intraday trading strategy for friday
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that Nifty is stuck in the range of 16,800 to 17,200. Expert Prabhudas Lilladher said the Nifty Bank index also closed below its 200 DEMA of 39,700 indicating weakness in the banking segment. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommends three intraday stocks for today and those three day trading stocks are Mahindra CIE Automotive, Maruti Suzuki and Balrampur Chini.
On today’s outlook for Nifty, Vaishali Parekh of Prabhudas Lilladher said, “Nifty is once again witnessing strong resistance near 17,200 zone, recovering significantly after weak start but again in second half.” Slipped and erased all gains and closed near 17,050 zone. The index is clamped in a tight range between 17,200 and 16,800 levels and a clear directional move confidence would require a clear breach on either side.”
“Bank Nifty also took resistance near 40,100 zone after a good recovery and closed near 39,600 zone in the post lunch session after moving below the important 200 DMA level of 39,700. Uptrend which may take the index to around 40,800-41,000 zone Maybe,” Parekh said.
Parekh said support for the Nifty is placed at 16,950 levels today while resistance can be seen at 17,200 levels. The daily range for Bank Nifty will be 39,200-40,000 levels.
stocks to buy today
As mentioned above Vaishali Parekh recommended three day trading stocks for today, here we list the complete details regarding those intraday stocks:
1]Mahindra CIE Automotive: buy on 361, target 379, Stop Loss 345;
2]Maruti Suzuki India Limited or MSIL: Buy at 8353, target 8600, stop loss 8240; And
3]Balrampur Sugar: buy on 374, target 390 stop loss 368.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of o2help. We advise investors to do due diligence with certified experts before making any investment decision.
