Buy or sell shares for today: In a week that was marked by a Fed rate hike, bank crisis in the US and resolution of the Credit Suisse crisis, both the Nifty and the Sensex closed lower for the third week in a row. The 50-stock index Nifty closed 131 points lower at 16,945, the BSE Sensex closed 398 points lower at 57,527, while the Nifty Bank index declined 221 points at 39,395. In the broader markets, the small-cap index declined 1.37 per cent, while the mid-cap index declined 1.25 per cent.
intraday trading strategy for monday
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that the market trend has turned further negative after Nifty closed near 16,900 level. Prabhudas Lilladher expert said that the Nifty is facing resistance at the level of 17,100. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those days trading stocks are Hindustan Aeronautics Limited or HAL, Great Eastern Shipping Company or GESHIP and Aurobindo Pharma.
On today’s outlook for Nifty, Vaishali Parekh said, “In the initial half Nifty held near 17050 zone and then resistance near 17100 once again closed near 16950 level and moved lower till 16900 zone Further bias turned weak. As said earlier. 16800 level remains important and crucial support area while on the upside 17200 area remains important resistance hurdle which needs to be breached for overall trend to correct ”
“Bank Nifty was also witnessing resistance near 39800 zone, subject to profit booking to move down and conclude near 39400 zone. The index once moved below the crucial 200DMA level of 39740 and further extended further towards 38700-38600 levels. The pass is the key support area, Parekh said.
Parekh further said that support for the day can be seen at 16800 while resistance can be seen at 17100. Bank Nifty will have a daily range of 38800-39800 levels.
stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks to buy today, here we give complete details regarding those stocks:
1]HAL: buy on 2567, target 2655, stop loss 2525;
2]Gayship: buy on 624, target 647 stop loss 615; And
3]Aurobindo Pharma: buy on 500, target 522 stop loss 490.
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.
