Buy or sell stocks for today: On account of disappointing US data renewing fresh fear of global recession, Dalal Street snapped its two days winning streak on Thursday. 50-stock Nifty index lost 57 points and closed at 18,107 levels whereas 30-stock BSE Sensex corrected 187 points and closed at 60,858 mark. Bank Nifty ended 129 points south and finished at 42,328 levels. Metal, oil and gas sector shares continue to gain on hopes of Chinese reopening.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty needs to break is hurdle placed at 18,250 to further continue its upside momentum. Prabhudas Lilladher expert said that Bank Nifty breaching 42,700 to 42,800 levels on closing basis would mean further uptrend in banking index. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two day trading stocks are Jubilant Food and UPL.
Speaking on Nifty chart pattern, Vaishali Parekh said, “Nifty after opening slightly on a weak note near 18,100 zone the index remained rangebound for the entire session without any major movement and closed near the 18,100 zone to witness a lack lustre day. The index is moving in and around the significant 50EMA level of 18,100 zone and would need to breach the near term resistance zone of 18,250 level, which is very crucial for further continuation of the uptrend.”
Prabhudas Lilladher went on to add that Bank Nifty also witnessed a very narrow sideways movement during the trading session hovering near the 42,300 zone with most of the frontline banking stocks remaining stagnant.
“Nifty Bank index needs to breach decisively the zone of 42,700 to 42,800 levels for indicating a breakout and anticipating further upward thereafter. The immediate support for Nifty is seen at 18,000 while the resistance is seen at 18,250 levels. Bank Nifty would have the daily range of 42,000 to 42,800 levels,” Parekh said.
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Intraday stocks for today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out important details in regard to those day trading stocks:
1] Jubilant Food: Buy at ₹510, target ₹535, stop loss ₹500; and
2] UPL: Buy at ₹747, target ₹773, stop loss ₹738.
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. The promoters of HT Media Ltd, which publishes Mint, and Jubilant Food are closely related. There are, however, no promoter cross-holdings.
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