Buy or sell stocks today: The Indian stock market resumed its trend of setting new highs, with the BSE Sensex and Nifty 50 indexes exceeding 70,000 and 21,000, respectively. The Nifty 50 index remained range-bound throughout the day but finished with slight gains at 20,997, the BSE Sensex gained 102 points and finished at 69,928 and the Bank Nifty index gained 52 points and finished at 47,314 levels. Even as the advance-decline ratio increased to 1.46:1, broad market indexes surged more than the Nifty 50 index.
Tuesday intraday trading recommendations
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the general trend on Dalal Street is bullish, and immediate support for the Nifty 50 today is located at 20,850 levels. According to Prabhudas Lilladher, the 50-stock index must clearly break over the 21,100 barrier in order to sustain its rise and explode to the level of 20,900.
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Today’s stock market
“Nifty witnessed another round of consolidation near the 21,000 zone overall taking a breather with bias and trend maintained positive with near-term support as of now positioned near 20,850 zone,” Vaishali Parekh said of the Nifty’s prognosis for today. As previously said, a significant break above 21,000 levels is essential to sustain the uptrend, and we predict next higher objectives of 21,800 to 21,900 levels in the next days, with important support sitting near the rising trendline level near 20,550.”
“Bank Nifty during the intraday session enlarged record high of 47,588 levels with frontline banking stocks well poised to continue their upward move in the coming days with next goals expected till 48,000 and thereafter 49,600 levels with strength sustaining while 46,300 level is maintained as the resistance zone from current levels,” Parekh said in a statement.
Parekh went on to say that the immediate support for the Nifty today is at 20,850, while the resistance is at 21,150. The Bank Nifty would trade in a daily range of 47,000 to 47,700 points.
Stocks to purchase right now
1] Marico: Buy at 540.65 with a target of 562 and a stop loss of 530.
2] Godrej Consumer Products: Buy at 1043 with a goal of 1080 and a stop loss of 1025; and
3] Cummins India: Buy at 2001 with a goal of 2080 and a stop loss of 1975.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not of Axpert Media. Before making any financial choice, we recommend that investors consult with competent specialists.
