Buy or Sell the stock: Bank Nifty has already crossed its important support on Wednesday and the important support of 18,200 is under threat.
Buy or Sell stocks for today: Despite a positive start on Wednesday morning, Dalal Street witnessed a sell-off following weak global sentiments following news of rising COVID-19 cases in China. The Nifty 50 index closed at 18,199, down 186 points, while the BSE Sensex closed at 61,067, down 635 points. The Nifty Bank index closed at 42,617, down 741 points. Broader market indices declined sharply as profit-booking was seen across the board and the advance/decline ratio on BSE fell to 0.29:1, the lowest in nearly 3 months.
intraday trading strategy for thursday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that the overall market sentiment has turned cautious as Bank Nifty has already crossed its key support on Wednesday and the key support of 18,200 is under threat. Prabhudas Lilladher expert is expecting further downside in the markets and expects 18,050 to act as an immediate support for the Nifty 50 index. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today and those two stocks are Zydus Life and Aster DM Health.
“Nifty witnessed heavy fall after opening with a gap up near 18,450 zone and profit booking was seen and intensified as the day closed near 18,200 zone, sentiment weakened with concerns over rising Covid cases. Bank Nifty also broke strong. During the intraday session a sharp decline was seen with both the indices touching the 42,360 level with the support area near the 43,000 area and suggesting a bearish bias in the coming days.
Expecting further downside in the markets, Prabhudas Lilladher's Vaishali Parekh said, "With 18,200 levels key support for Nifty under threat and Bank Nifty's 42,900 to 43,000 area already breached, overall bias further down." Switched to alert mode with fall."
Prabhudas Lilladher expert said that support for Nifty is placed at 18,050 while resistance is seen at 18,350. The daily range for Bank Nifty will be 42100-43000 levels.
intraday stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has Buy recommendation on two stocks today. Here we give complete details about Vaishali Parekh's recommendations:
1] Zydus Life: Buy at ₹421, target ₹435, stop loss ₹415; And
2] Aster DM Health: Buy at ₹235, target ₹245, stop loss at ₹231.
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