Buy or sell stocks for today: Following rally in Asian markets on Wednesday deals, Indian stock market extended its rally on second straight session. NSE Nifty gained 52 points and closed at 18,660 while BSE Sensex surged 144 points and closed at 62,677 levels. Bank Nifty index gained 102 points and made a record closing high of 44,049. However, broader markets outperformed key benchmark indices as small-cap index shot up 0.68 per cent whereas mid-cap index went up 0.59 per cent on Wednesday session.
Stock market today: Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that rally in Bank Nifty may continue further even if it created a history on Wednesday session after hitting and closing above 44,000 levels. Vaishali Parekh of Prabhudas Lilladher said that overall bias for the market is positive and anticipated more upside in coming sessions. On intraday stocks for today, Vaishali Parekh recommended two stocks to buy today and those two shares are Balrampur Chini and City Union Bank.
“Nifty overall witnessed a slightly volatile session resisting near the 18,700 zone and maintaining the support near 18,650 levels with bias maintained positive and the daily trend turned up after 8 days to improve the sentiment and anticipate for further gains in the coming days,” Parekh said.
On outlook for Bank Nifty index, Vaishali Parekh of Prabhudas Lilladher said, “Bank Nifty which is already in the strong trend is gradually picking up and touched the 44,000 landmark to create history and is well poised to carry on the momentum still further ahead as said earlier, with expected upside targets of 45500-46000 levels. With the overall bias and sentiment maintained in the positive zone, we anticipate further rise overall in the coming days.”
Vaishali Parekh of Prabhudas Lilladher maintained that immediate support for Nifty is seen at 18,550 while the resistance is seen at 18,800 levels. Bank Nifty would have the daily range of 43,700 to 44,600 levels.
Intraday stocks for today
1] Balrampur Chini: Buy at ₹382, target ₹395, stop loss ₹375; and
2] City Union Bank or CUB: Buy at 203, target ₹121, stop loss ₹199.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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