Buy or sell stocks today: The Indian stock market fluctuated in a range during the Wednesday session, responding to mixed global cues. The Nifty 50 index finished marginally higher at 20,926 points, while the Sensex gained 33 points and closed at 69,584 points. However, the Bank Nifty finished modestly lower at 47,092 points.Â
Even though the advance-decline ratio stayed stable at 1.29:1, broad market indexes gained more quicker than the Nifty.
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Wednesday intraday trading recommendations
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the overall stock market trend is bullish, but the Nifty 50 index has to break beyond the 21,100 barrier on a closing basis to continue its bull run. The Prabhudas Lilladher analyst went on to say that if the 50-stock index convincingly breaks over 21,100, it would rise to 21,900.
Purchase or sell stocks
Vaishali Parekh advised three intraday stocks to purchase today: Jai Corp, Radico Khaitan, and Greenpanel Industries.
Today’s stock market
“Nifty once again experienced some profit booking in the early part of the day touching the low of 20,770 zone and subsequently, rebounded strongly to conclude on a flat note signaling a “Bullish Hammer” pattern on the daily chart to maintain the positive bias and anticipating further rise,” Vaishali Parekh said. As previously said, the index would require a significant break above 21,100 levels to continue the rally and anticipate for next higher goals of 21,800-21,900 levels in the next days, with important support located near the rising trendline zone near 20,550.”
“Bank Nifty overall saw a slow session, hovering near the 47000-47100 zone, with little movement from frontline banking stocks.” As pointed out by Parekh, “the index requires a significant breach above the 47500 zone to trigger a breakout, with the 46300 level staying as the support zone from current levels.”
Parekh went on to say that the Nifty’s immediate support today is at 20,800, while the resistance is at 21,050. The Bank Nifty would trade in a daily range of 46,700 to 47,500 points.
.Stocks to purchase right now
1] Jai Corp: Buy at 338 with a target of 352 and a stop loss of 333;
2] Radico Khaitan: Buy at 1694.35 with a goal of 1765 and a stop loss of 1670; and
3] Greenpanel Industries: Buy at 353.45 with a target of 377 and a stop loss of 347.
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.
