Buy or sell stocks for today: After an extended weekend due to the stock market holiday on Monday, the Indian secondary market is expected the follow the global market sentiments, especially after the profit-booking trigger in the US stock market. The US stock market took a breather as most of the major indices ended loser on Monday. The Dow Jones index ended 0.41 percent lower while the S&P 500 index lost 0.31 percent. Tech-heavy Nasdaq went off 0.27 percent. Coming back to the Indian stock market, in the previous session on Friday last week, the Nifty 50 index went up 84 points and ended at the 22,096 level, the BSE Sensex added 190 points and finished at the 72,831 mark whereas the Bank Nifty index gained 178 points and closed at the 46,863 level. In the board market, the small-cap index outperformed the 50-stock index even as the advance-decline ratio remained positive at 2.7:1.
Intraday trading tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has taken strong support at 50-EMA zones at 21,870 level. The Prabhudas Lilladher expert said that the 50-stock index needs to sustain above 22,000 levels to maintain the uptrend further. However, Vaishali said that the Indian stock market trend may further improve if the Nifty 50 index breaches above the 22,200 level on a closing basis. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Canara Bank, Bharat Forge, and BEL.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again witnessed taking support near the significant 50EMA zone of 21,870 levels and recovered strongly to erase the losses almost to touch the 22,200 zone during the intraday session. The index maintaining above the 22,000 zone is crucial and necessary to carry on the upward move further and thereafter, anticipate to retest the previous peak levels of 22,525 zone in the coming days.”
“The Bank Nifty index gradually is moving ahead maintaining the support of the significant 50EMA level of 46,600 zone and would need a decisive breach above 47,300 levels to overall improve the bias,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at the 21,950 level while the resistance would be seen at the 22,300 level. The Bank Nifty would have a daily range of 46,300 to 47,300 levels.
Vaishali Parekh stocks to buy today
1] Canara Bank: Buy at ₹573.15, target ₹600, stop loss ₹560;
2] Bharat Forge: Buy at ₹1129, target ₹1175, stop loss ₹1105; and
3] BEL: Buy at ₹197.50, target ₹207, stop loss ₹193.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 26 Mar 2024, 06:39 AM IST