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Buy or sell stocks for today: Following weak global cues on hawkish US Fed officials on interest rate hike, Indian stock market snapped 4-week rally in the week gone by. Nifty 50 index posted 0.23 per cent weekly loss last week. BSE Sensex went off 87 points and closed at 61,663 whereas Nifty Bank index finished 20 points lower 42,437 levels. Broad market continued to underperform as Advance/Decline ratio remained much below 1:1.
Intraday trading strategy for today
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Indian stock market is trading in a range but overall bias is still maintained cautiously positive till a clear breach on the upper side of the range is established. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today and those two stocks are IGL and Canara Bank.
“Nifty witnessed a volatility session with initial stage of profit booking to slide the index to 18200 zone with some recovery in the second half to close above the 18,300 levels indicating overall a rangebound movement. Bank Nifty also closed on a flat note near 42450 zone with some fluctuations witnessed with most of the frontline banking stocks in their rangebound zone,” said Vaishali Parekh.
Prabhudas Lilladher went on to add that overall bias is still maintained cautiously positive till a clear breach on the upper side of the range is established. The support for the day is seen at 18,200 while the resistance is seen at 18,450 levels. Bank Nifty would have the daily range of 42,000 to 43,000 levels.
Intraday stocks for today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those two stocks:
1] IGL: Buy at ₹418, target ₹430, stop loss ₹412; and
2] Canara Bank: Buy at ₹309, target ₹322, stop loss ₹304.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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