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Buy or sell stocks for today: Following mixed global cues, Indian stock market traded in a range throughout the Wednesday session. Nifty 50 index ended marginally higher at 20,926 while Sensex added 33 points and closed at 69,584 levels. However, Bank Nifty ended marginally lower at 47,092 mark.
Broad market indices rose much faster than the Nifty even as the advance decline ratio remained firm at 1.29:1.
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Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall stock market trend is positive but Nifty 50 index needs to breach 21,100 hurdle on closing basis to maintain this bull trend further. Prabhudas Lilladher expert went on to add that on breaching above 21,100 levels decisively, one can expect the 50-stock index to go up to 21,900 levels.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Jai Corp, Radico Khaitan and Greenpanel Industries.
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty once again witnessed some profit booking in the initial half scaling the low of 20,770 zone and thereafter, recovered strongly to end on a flat note indicating a “Bullish Hammer” pattern on the daily chart to maintain the positive bias and anticipating for further rise. Once again, as mentioned earlier, the index would need a decisive breach above 21,100 levels to carry on with the uptrend and expect for next higher targets of 21,800-21,900 levels in the coming days with major support lying near 20,550 zone of the rising trendline zone.”
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“Bank Nifty overall witnessed a sluggish session hovering near the 47000-47100 zone with no major movement from among the frontline banking stocks. As for the index, it needs a decisive breach above 47500 zone to trigger for a breakout with 46300 level maintained as the support zone from current levels,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 20,800 while the resistance is seen at 21,050. Bank Nifty would have a daily range of 46,700 to 47,500 levels.
Stocks to buy today
1] Jai Corp: Buy at ₹338, target ₹352, stop loss ₹333;
2] Radico Khaitan: Buy at ₹1694.35, target ₹1765, stop loss ₹1670; and
3] Greenpanel Industries: Buy at ₹353.45, target ₹377, stop loss ₹347.
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 decision.
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Published: 14 Dec 2023, 07:10 AM IST