Buy or sell stocks for today: Following weak global market cues, Indian stock market finished lower on Friday last week. Nifty 50 index lost 42 points and closed at 19,751 levels, BSE Sensex shed 125 points and closed at 66,282 mark whereas Bank Nifty index corrected 311 points and closed at 44,287 levels. Volumes on the NSE rose towards recent average volumes. Broad market indices closed almost flat even as the advance decline ratio dropped to 0.88:1.
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Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is facing resistance at 19,800 levels. Prabhudas Lilladher expert went on to add that Nifty today has support placed at 19,600 levels and overall trend will remain cautions till Nifty breaks and sustains above 19,850 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Gujarat Alkalies, Aptech and Rites.
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On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty after opening on a weak note and hovering near the 19,670 zone recovered to some extent but once again witnessed resistance near the 19,800 zone and ended near the 19750 levels with bias still remaining cautiously positive. The index needs to maintain the near-term support zone of 19,600 levels while on the upside 19,850 zone is acting as a resistance barrier which needs to be breached decisively.”
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“Bank Nifty witnessed a volatile session opening near the 44,200 zone and recovering to resist near the 44,550 zone to end once again near the 44,300 levels. The levels near 44,700 zone is acting as a strong resistance barrier for the index where the important 50EMA lies and only a decisive breach above that zone can establish some conviction thereafter to anticipate for further rise,” said Parekh.
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Parekh went on to add that immediate support for Nifty today is placed at 19,650 levels while the resistance is seen at 19,900 levels. Bank Nifty would have the daily range of 44,000 to 44,700 levels.
Stocks to buy today
1] Gujarat Alkalies: Buy at ₹766.25, target ₹520, stop loss ₹752;
2] Aptech: Buy at ₹289, target ₹308, stop loss ₹285; and
3] Rites: Buy at ₹498, target ₹530, stop loss ₹492.
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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