Buy or sell stocks for today: After losing for three successive sessions, Indian stock market managed to finish higher despite trading range bound on Thursday. 50-stock index NSE Nifty added 5 points and closed at 17,624 while 30-stock index BSE Sensex gained 64 points and finished at 59,632. Nifty Bank index surged 1115 points and ended at 42,269 mark. In broad markets, mid-cap index ended lower whereas small-cap index added 0.10 per cent.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that 17,550 to 17,580 has remained strong support zone for NSE Nifty for last 3-4 sessions. Prabhudas Lilladher went on to add that overall bias on Dalal Street is positive and suggested intraday traders to keep cautious while taking position in Nifty Bank index as upcoming ICICI Bank and Axis Bank results may keep the entire banking index highly volatile. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Tata Motors, Cummins India and EIH or EIHOTEL.
On outlook for Nifty today, Vaishali Parekh of Prabhudas Lilladher said, "Nifty index once again after opening in the green resisted near the 17,700 zone and slipped to witness a rangebound session with little movement to end on a flat note. Since the past 3-4 sessions, the zone near 17,550 to 17,580, which is where the significant 200DM lies, has been maintained as a strong support zone with recovery witnessed and closing above the 17,600 levels."
Parekh went on to add that Bank Nifty index also witnessed a narrow rangebound session maintaining above the 42,000 zone with overall bias remaining positive as of now. With results to be released in the coming week of two major frontline banking stock ICICI bank and Axis Bank, volatility is anticipated and would decide the further directional move of the index.
"The support for NSE Nifty is placed at 17,500 levels while the resistance is seen at 17,750 levels. Bank Nifty would have the daily range of 41800-42700 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] Tata Motors: Buy at ₹476, target ₹492, stop loss ₹470;
2] Cummins India: Buy at ₹1559, target ₹1605, stop loss ₹1535; and
3] EIHOTEL or EIH: Buy at ₹171, target ₹176, stop loss ₹169.
This article taken by livemint.com
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