Buy or sell stocks today: Dalal Street rose and managed to end higher on Tuesday as a result of strong global sentiments on overnight gains in US stock markets. The 30-stock Sensex ended 445 points higher at 58m074, while the 50-stock Nifty index closed 119 points higher at 17,107 levels. The Bank Nifty index increased 532 points and reached a high of 39,894 points. On Tuesday, the mid-cap index ended the session up 0.66 percent and the small-cap index finished up 0.50 percent higher overall.
Wednesday’s intraday trading plan
The Tuesday advances, in the opinion of Vaishali Parekh, Vice President Of Technical Research at Prabhudas Lilladher, have further boosted stock market sentiment in India. The analyst from Prabhudas Lilladher continued by saying that Bank Nifty also improved its bias by breaching over the 39,800 zone with the majority of frontline bank stocks gaining momentum. Vaishali Parekh gave three intraday stock recommendations for today, recommending GNFC, REC, and Axis Bank as three day trading stocks to buy.
On the Nifty’s prognosis today, Vaishali Parekh said, “After beginning on a bullish note in the 17050 zone, Nifty stayed rangebound for the first half before picking up speed to close above the 17100 level with mood and bias somewhat enhanced. The next critical and significant resistance level for the index is between 17200 and 17230, above which the trend must strengthen to give rise to some confidence in additional gains.”
Parekh continued by saying that the Bank Nifty also enhanced its bias by breaching over the 39800 zone with the majority of frontline banking companies signalling decent pick up and being well positioned to anticipate additional upward movement. The trend would be further strengthened by a clear break over 40400, and the index may reach a zone between 41200 and 41300.
“17,000 serves as the day’s support, while 17,300 serves as the day’s resistance. The daily range for Bank Nifty would be 39,500 to 40,500 levels “said Parekh.
Stock day trading
As previously said, Vaishali Parekh has suggested three stocks to purchase today. Here, we provide detailed information on those intraday stocks:
Buy at $534, objective is $552, stop loss is $525 for GNFC;
Buy at $855, objective is $880, stop loss is $842, according to Axis Bank.
REC: Buy with a target price of 124 and a stop loss of 116.
The opinions and suggestions listed above are not Currency Veda’s, but rather those of certain analysts or brokerage firms. Before making any financial decisions, we suggest that investors consult with recognised specialists.