Buy or sell stocks for today: On account of diverse messages from the US monetary policymakers and a tremble in the Chinese yuan, the Indian stock market snapped its three-day winning streak on Tuesday. The Nifty 50 index slipped 92 points and closed at the 22,004 level, the BSE Sensex shed 361 points and finished at the 72,470 mark whereas the Bank Nifty index ended 263 points lower at the 46,600 level. However, the broad market indices outperformed the key benchmark indices. The small-cap index ended 0.11 percent lower whereas the mid-cap index shot up 0.71 percent.
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is trading range-bound but the 50 -stock index has taken immediate support at the 21,900 mark. The Prabhudas Lilladher expert went on to add that the crucial support for Nifty today is placed at 21,700 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — India Cements, Engineers India, and NLC India.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index has been witnessing a rangebound movement since the last three sessions between 22,180 and 21,950 levels maintaining the significant 50EMA level of 21,900 as the good support zone for the time being. The 50-stock index has got the crucial support zone of 21,700 levels while on the upside a decisive breach above 22,300 levels is necessary to establish conviction for further rise.”
“The Bank Nifty index is hovering near the important 50EMA level of 46,600 and would need a decisive breach above the immediate resistance zone of 47,000 levels to improve the bias with 46,000 levels maintained as the significant near-term support levels,” said Parekh.
Parekh went on to add that the immediate support for the Nifty 50 today is placed at 21,900 level while the resistance would be seen at 22,200 levels. Bank Nifty would have a daily range of 46,200 to 47,300 levels.
Vaishali Parekh stocks to buy today
1] India Cements: Buy at ₹209, target ₹220, stop loss ₹204;
2] Engineers India: Buy at ₹206, target ₹217, stop loss ₹201; and
3] NLC India: Buy at ₹215, target ₹227, stop loss ₹210.
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: 27 Mar 2024, 06:53 AM IST
Read More: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 27