Buy or sell stocks today: Despite conflicting tendencies in the global market, the Indian stock market gained significantly on Wednesday. The Nifty 50 index closed above 20,000 for the first time since September 2023, closing at 20,096. The BSE Sensex gained 727 points and concluded at 66,901, while the Bank Nifty index gained 685 points and finished at 44,566. Broad market indexes gained as well, although not as much as important benchmark indices.
Thursday intraday trading recommendations
According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the general trend on Dalal Street is optimistic. According to Prabhudas Lilladher, the Nifty 50 index has closed over 20,096 levels, and hence we may anticipate the 550-stock index to reach a new high in the current surge. Vaishali Parekh advised three stocks to purchase today: Can Fin Homes, Engineers India, and Bandhan Bank.
Today’s stock market
“Nifty with a gap up opening extended the gains further to decisively breach decisively above the 20000 zone and made the overall trend strong with anticipation of retesting the prior high zone of 20220 levels in the coming days,” Vaishali Parekh said. The index was strongly supported by the frontline heavyweights, which have shown improvement in the bias and have room for additional climb with indicators well placed and substantial upside potential.”
Parekh added, “Bank Nifty has surged ahead with strength shown and with a big bullish candle pattern on the daily chart and has jumped past the crucial hurdle of 44400 zone of the important 100 period MA to strengthen the bias.” A convincing break above 45000 will set new goals of 45800-46200 in the next days.”
According to Vaishali Parekh of Prabhudas Lilladher, immediate support for the Nifty 50 today is at 19,950, while resistance is at 20,250. The Bank Nifty would trade in a daily range of 44,300 to 45,000 points.
Stocks to purchase right now
1] Can Fin Homes: Buy at $769.35 with a goal of $800 and a stop loss of $758.
2] Engineers India: Buy at 149.45 with a goal of 156 and a stop loss of 147; and
3] Bandhan Bank: Buy at 222.35 with a target of 233 and a stop loss of 218.
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.
