Buy or sell stocks today: Selling pressure in pharma and IT firms continues to hamper bulls’ attempts to beat bears, and the Indian stock market closed neutral on Thursday. The Nifty 50 index finished 9 points lower at 19,802, while the BSE Sensex fell 5 points to conclude at 66,017. The Nifty Bank index closed 127 points higher at 43,577. Among the sectors, the Realty sector rose more than 1%, while OMC’s equities showed hints of growth in the Energy field. The auto sector remained range-bound, although 2-wheeler stocks appeared to be reinforcing their upswing.
Friday intraday trading recommendations
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the general bias on Dalal Street is favorable as long as the Nifty is hovering around the 19,850 level. However, Prabhudas Lilladher, an expert in the Indian stock market, believes that the Nifty 50 index must break beyond the 19,850 barrier in order to begin a new bull trend. Vaishali Parekh suggested three intraday stocks to purchase today: Balkrishna Industries, Indo Count Industries Ltd or ICIL, and Deepak Nitrite.
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“Nifty 50 continues to oscillate between the narrow range of 19,800 to 19,850 zone witnessing a period of consolidation for quite some time and with overall bias maintained positive expects for a decent breakout above 19,850 zone,” Vaishali Parekh said. In recent sessions, the index has remained stable with the 19,650 zone as the near-term support zone, and a strong break above 19,850 levels is required.”
“Bank Nifty is likewise moving slowly, with a very narrow rangebound movement about 43,600, remaining just above the important 200 period MA level of 43,350. As previously said, the index must break above the critical 50EMA level of 43,900 in order to increase the bias further,” said Parekh.
Parekh went on to say that the immediate support for the Nifty today is at 19,700, while the resistance is at 19,900. The Bank Nifty would trade in a daily range of 43,300 to 43,900 points.
Stocks to purchase right now
1] Balkrishna Industries: Buy at 2553 with a target of 2660 and a stop loss of 2515.
2] ICIL: Buy at 290 with a goal of 302 and a stop loss of 285; and
3] Deepak Nitrite: Buy at 2206 with a goal of 2285 and a stop loss of 2175.
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.Â
