Buy or sell stocks for today: On account of January series expiry and short seller Hindenburg Research raising concerns over Adani Group's debt position, Dalal Street witnessed heavy sell off on Wednesday session. 50-stock Nifty index lost 1.25 per cent and closed at 17,891 while 30-stock Sensex corrected 773 points and closed at 60,205 levels. Bank Nifty index crashed 1,085 points and finished at 41,647 levels, logging more than 2.50 per cent intraday loss on Wednesday. In broad markets, small-cap index dipped 0.94 per cent whereas mid-cap index lost 1.52 per cent. Advance decline ratio fell to 0.34:1.
Intraday trading strategy for stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty is close to the crucial support zone of 17,800 levels. Prabhudas Lilladher expert said that decisive breach below 17,770 may intensify the selling pressure and Nifty 50 index would find next support at 17,250 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are VIP Industries, Maruti Suzuki India Limited or MSIL and Hindustan Unilever Ltd or HUL.
Unveiling intraday trading tips for Friday session, Vaishali Parekh of Prabhudas Lilladher said, "Nifty tanked with heavy profit booking witnessed during the intraday session on the back of negative cues breaching below the 18,000 zone and weakening the bias almost coming close to the crucial support zone of 17,800 levels. As said earlier, a decisive breach below the 17,770 zone would intensify the selling pressure which can take the index to the next major support zone visible near the significant 200 DMA level of 17,250 zone."
Parekh went on to add that Bank Nifty witnessed heavy profit booking with most of the frontline banking stocks taking a beating and shedding their gains to drag the index near the crucial support zone of 41,600 levels. A decisive break below the 41,600 zone would trigger for further fresh selling pressure and can attain the next near-term target of 40,700 zone.
On important pivot levels in regard to Nifty and Bank Nifty, Vaishali Parekh said, "The support for the day on Nifty is placed at 17,750 while the resistance is seen at 18,000 levels. Bank Nifty would have the daily range of 41,200 to 42,200 levels."
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three day trading stocks to buy today, here we list out full details in regard to those three intraday stocks:
1] VIP Industries: Buy at ₹723, target ₹745, stop loss ₹710;
2] Maruti Suzuki India: Buy at ₹8784, target ₹8970, stop loss ₹8670; and
3] Hindustan Unilever Ltd or HUL: Buy at ₹2622, target ₹2720, stop loss ₹2585.
This article taken by livemint.com
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