Buy or sell stocks: On account of weak global cues, after the hotter-than-expected US PPI print, the Indian stock market ended lower on Friday. The Nifty 50 index lost 123 points but managed to close above 22,000 levels. The BSE Sensex finished 453 points lower at the 72,643 mark while the Bank Nifty index ended 195 points south at the 46,594 level. However, a strong buying interest was witnessed in the small-cap and mid-cap stocks as the broad market registered a sharp rebound ahead of the market close on the weekend session.
Intraday trading tips for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has turned cautious. The Prabhudas Lilladher expert went on to add that the Nifty 50 index has a crucial support placed at 21,900 to 21,850 levels. Vaishali Parekh further added that the 50-stock index is in the 21,850 to 22,300 zone and a bullish or bearish trend can be assumed on the breakage of either side of the range. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Jindal Saw, GNFC, and Godrej Properties.
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Stock market today
On the outlook for the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index during the week witnessed a slide from the 22,500 zone to hold support near the 21,900 levels with the bias turning little bit cautious. The trend shall remain intact as long as the significant 50EMA zone of 21,850 levels is sustained as of now and a decisive move past the 22,300 zone shall improve the bias to some extent.”
“The Bank Nifty index witnessed erosion during the week moving just below the important 50EMA level of 46,600 to slightly weaken the bias having the next major support of the 100 period MA of 46,000 level. A decisive breach above the 47,300 zone is needed to improve the bias overall and expect further rise,” said Parekh.
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Parekh went on to add that the immediate support for Nifty today is placed at the 21,850 level while the resistance would be seen at the 22,200 mark. Bank Nifty would have a daily range of 46,000 to 47,200 levels.
1] Jindal Saw: Buy at ₹435.45, target ₹457, stop loss ₹426;
2] GNFC: Buy at ₹626.50, target ₹657, stop loss ₹614; and
3] Godrej Properties: Buy at ₹2218, target ₹2300, stop loss ₹2175.
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: 18 Mar 2024, 07:02 AM IST
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