Buy or sell stocks for today: Dragged down by profit booking, Indian stock market ended lower for second straight session. NSE Nifty corrected 72 points and ended at 19,672 levels while BSE Sensex lost 299 points and closed at 66,384 mark. Bank Nifty index finished 152 points down at 45,923 levels. Mid-cap index ended in the positive even as the advance decline ratio was steady at 0.93:1.
Intraday trading strategy for stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has cooled off from the peak zone of 20,000 levels after profit booking triggers in heavy weights like Reliance Industries and leading IT and banking stocks. Prabhudas Lilladher expert went on to add that near-term support for Nifty today is around 19,600 mark. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are M&M Finance, Hero MotoCorp and GRSE.
On outlook for Nifty today, Vaishali Parekh said, “Nifty has further slipped down witnessing some profit booking and has cooled off from the peak zone of 20,000 levels with some of the heavyweights shedding their gains. The Nifty index has the near-term support of 19,600 level which is crucial breaching which further slide can be anticipated with 19,300 to 19,350 maintained as the crucial and important support zone for the index.”
“Bank Nifty also witnessed some slide, once again finding resistance near the 46,200 zone, slipping down taking support near the 45,900 zone. Kotak Bank witnessed some heavy profit booking post the results while rest of the frontline banking stocks like Axis Bank, ICICI Bank, SBI and HDFC Bank remained rangebound during the session,” said Parekh.
Parekh went on to add that Nifty today has support placed at 19,600 levels while the resistance is seen at 19,800 levels. Bank Nifty would have the daily range of 45,600 to 46,400 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] M&M Finance: Buy at ₹321, target ₹335, stop loss ₹316;
2] Hero MotoCorp: Buy at ₹3134, target ₹3250, stop loss ₹3100; and
3] GRSE: Buy at ₹608, target ₹640, stop loss ₹600.
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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Updated: 25 Jul 2023, 06:34 AM IST
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