Buy or sell stocks for today: Following strong global sentiments, Indian stock market ended higher on Friday session. Out of three key benchmark indices, Nifty and Sensex finished at their life-time high closing. Nifty ended at 18,826 levels, just 61 points away from its life-time high whereas BSE Sensex closed at 63,384 mark, just 199 points away from its life-time high of 65,583 mark. Bank Nifty index gained 494 points and closed at 43,938 levels. Broad market indices rose in tandem with the Nifty even as the advance decline ratio rose to 1.74:1.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has immediate support placed at 18,700 levels, which is crucial as a decisive breach above 18,900 zone and sustaining in the new territory would trigger for further fresh upward move for next targets of 19,200 to 19,300 levels. Prabhudas Lilladher expert went on to add that Dalal Street sentiment has further improved after Bank Nifty regained the psychological 44,000 levels. However, Bank Nifty needs to breach the crucial 44,500 barrier to regain fresh momentum. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Mahindra CIE Automotive, Rites and Hindustan Aeronautics Ltd or HAL.
On outlook for Nifty today, Vaishali Parekh said, “Nifty witnessed a gap up opening and carried on with the positive move especially in the final hours to almost touch the All Time High of 18,887 levels with strong bias and sentiment maintained overall. The index would have the near-term support of 18,700 which would be crucial and a decisive breach above 18,900 zone and sustaining in the new territory would trigger for further fresh upward move for next targets of 19,200 to 19,300 levels.”
“Bank Nifty has recovered significantly to touch the 44,000 zone once again during the intraday session to improve the bias to some extent and would need a decisive breach above the crucial resistance barrier of 44,500 zone to anticipate for further upward move,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 18,700 levels while the resistance is seen at 18,950 levels. Bank Nifty would have the daily range of 43,600 to 44,400 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Mahindra CIE: Buy at ₹507, target ₹532, stop loss ₹498;
2] Rites: Buy at ₹398, target ₹420, stop loss ₹392; and
3] HAL: Buy at ₹3844, target ₹4000, stop loss ₹3785.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Updated: 19 Jun 2023, 06:39 AM IST
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