Buy or sell stocks for today: Despite mixed trends in global market, Indian stock market registered robust gains on Wednesday. Nifty 50 index ended above 20,000 levels for the first time since September 2023 and closed at 20,096 levels. BSE Sensex registered 727 points gain and closed at 66,901 mark while Bank Nifty index gained 685 points and ended at 44,566 levels. Broad market indices also registered handsome gains but not more than key benchmark indices.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that overall trend on Dalal Street is very bullish. Prabhudas Lilladher expert added that Nifty 50 index closed above 20,096 levels and therefore we can expect that the 550-share index climbed to a new peak in current rally. On stocks to buy today, Vaishali Parekh recommended three stocks to buy today – Can Fin Homes, Engineers India and Bandhan Bank.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty with a gap to opening extended the gains further to break decisively above the 20000 zone and strengthened the overall trend ahead of a preliminary test of the previous peak zone of 20220 levels in the coming days. . The index was well supported by the previous heavyweights, which indicated an improvement in bias and has potential for further upside with indicators well placed and having ample upside potential.”
Talking about the outlook on Bank Nifty today, Parekh added, “Bank Nifty after a long time moved forward with strength indicated and with a big bullish candlestick pattern on the daily chart crossed the crucial hurdle of 44400 zone from the important 100 period MA to. strengthen the bias. A decisive break above 45000 will trigger new additional targets of 45800-46200 in the coming days.”
Prabhudas Lilladher’s Vaishali Parekh further added that immediate support for Nifty 50 today is placed at 19,950 while the resistance is seen at 20,250. Bank Nifty would have a daily range of 44,300 to 45,000 levels.
1) Can Fin Homes: Buy at ₹769.35, purpose ₹800, stop loss ₹758;
2) Engineers India: Buy at ₹149.45, purpose ₹156, stop loss ₹147; and
3) Bandhan Bank: Buy at ₹222.35, purpose ₹233, stop loss ₹218.
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
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Updated: 30 Nov 2023, 07:45 IST