Buy or sell stocks for today: On account of last hour selling, Indian stock market lost intraday gains on Wednesday. NSE Nifty and BSE Sensex managed to end higher with marginal gains whereas Bank Nifty index lost 262 points and ended at 44,232 levels. Nifty 50 index added 4.80 points and finished at 19,347 levels while BSE Sensex corrected 11.43 points and closed at 65,087 mark. Volumes on the NSE came back to being normal. Broad market indices outperformed the Nifty even as the advance decline ratio stood high at 1.85:1.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has strong support placed at 19,250 levels. Prabhudas Lilladher expert went on to add that Bank Nifty today is trading in 43,800 to 44,800 range whereas Nifty is facing hurdle at 19,450 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Infosys, IDFC First Bank and Polyplex.
On outlook for Nifty today, Vaishali Parekh of Prabhudas Lilladher said, “Nifty opened on a strong note with a gap up and almost scaled the 19,450 zone, where it witnessed some resistance and gradually slipped as the day progressed. The near-term support immediate support for Nifty today is strong near the 19,250 zone.”
“Bank Nifty also witnessed a decent opening, resisting near the 44,800 zone and witnessing heavy profit booking to end the session near 44,200 levels. The banking index has been moving in the range of 43,800 to 44,800, and a break on either side will see further movement. The overall bias and sentiment have again turned very cautious with the indices precariously placed and would need some decent pullback to improve the bias,” said Parekh.
Parekh went on to add that support for Sensex/Nifty today is placed at 64500/19250, while the resistance is seen at 65600/19450. Bank Nifty would have a daily range of 43800–44800 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] Infosys: 1435, target ₹1500, stop loss ₹1400;
2] IDFC First Bank: Buy at ₹92.25, target ₹100, stop loss ₹88; and
3] Polyplex: Buy at ₹1216, target ₹1400, stop loss ₹1120.
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.
Updated: 31 Aug 2023, 06:30 AM IST
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