Buy or sell stocks for today: After a range bound trade during the day, the Indian stock market ended lower on Friday last week. Nifty 50 index lost 33 points and ended at 19,730 levels, BSE Sensex went down 187 points and closed at 65,794 marks and Bank Nifty index corrected 577 points and ended at 43,583 levels. After remaining net buyers for two straight sessions, FIIs turned net sellers again in the previous session.
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Intraday trading tips for Monday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes Nifty 50 is facing a hurdle near 19,800 to 19,850 zone. Expert Prabhudas Lilladher said the Nifty 50 index could go up to 20,000 to 20,200 levels once this hurdle is overcome decisively. In terms of buying stocks today, Vaishali Parekh recommended three intraday stocks for today – IRFC, McDowellm – N or United Spirits and Syngene International.
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Regarding Nifty today, Vaishali Parekh said, “Nifty again after opening on a flat note could not find a breach above the 19,800 resistance zone and gradually slipped further to end in the red near 19,750 levels with overall bias still kept positive. Near 19,800 to 19,850 zone is a tough barrier that needs to be overcome to establish some conviction and advance further to the next higher targets of 20,000 to 20,200 levels.”
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“Bank Nifty saw a plunge with a tendency to turn weak, opening with a huge gap down and slipped further as the day progressed to indicate bearishness among the banking stocks and ended in the red near the 43,600 zone. The index has found the next important support zone near the 43,300 zone of the 200 MA period and a decisive breach below will further weaken the trend,” said Parekh.
Parekh further said that immediate support for Nifty 50 today is placed at 19,600 and resistance is seen at 19,850 levels.
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list the complete details of those intraday trading stocks:
1]IRFC: Buy at ₹76.90, target ₹82, stop loss ₹75;
2]McDowell – N or United Spirits: Buy at ₹1056, goal ₹1110. stop loss ₹1036; and
3]Syngene International: Buy at ₹734.25, goal ₹757, stop loss ₹722.
Disclaimer: The above opinions and recommendations are the opinions and recommendations of individual analysts or brokerage firms, and are not the opinions of Mint. We encourage investors to check with certified experts before making any investment decision.
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Updated: 20 November 2023, 06:49 AM IST
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