Invest in or sell stocks today: The Indian stock market saw a strong comeback on Wednesday, closing higher for the second straight session thanks to gains in auto and IT stocks. The BSE Sensex gained 92 points and finished at 62,023 while the Nifty 50 index gained 28 points and closed at 19,811 levels. The Bank Nifty index, on the other hand, closed at 43,449 after losing 239 points. The advance-decline ratio was even, but the mid-cap index increased more than the Nifty 50 index while the small-cap index fell.
Tips for intraday trading on Thursday
The Nifty 50 index needs a clear break above the 19850 levels to confirm an upward trend, according to Vaishali Parekh, Vice President, of Technical Research at Prabhudas Lilladher, who feels that the Indian stock market is range-bound. Bata India, Greaves Cotton, and JSW Energy are the three stocks that Vaishali Parekh advised buying today.
Today’s stock market
According to Vaishali Parekh, the Nifty’s outlook for today is as follows: “Nifty saw a volatile session again, resisting near the 19,850 zone and touching an intraday low of 19,700 levels before pulling back strongly and finishing in the green near the 19800 zone.” A clear break above the 19,850 levels is required to validate an upward trend in the index, which has been circling the 19,700–19,850 region for some time.”
“The index has reached the critical support zone of the 200 period MA at 43,300, and a decisive breach below will further weaken the trend and cause it to turn bearish,” Parekh said.
Parekh went on to say that the Nifty’s support today is at 19,700, while the resistance is at 19,900. The Bank Nifty would trade between 43,200 and 43,800 points per day.
Stocks to purchase today
1] Bata India: Buy at 1619 with a target of 1690 and a stop loss of 1595;
2] Greaves Cotton: Buy at 132.40 with a target of 140 and a stop loss of 130.
3] JSW Energy: Buy at Rs418 with a target of 436 and a stop loss of 412.
