• BUY OR SELL THE STOCK: Vaishali Parekh believes that if Nifty breaks the current important support level of 17,800, then Nifty may go down towards 17,250 levels
Buy or Sell stocks for today: Dalal Street closed in the red zone for the third consecutive day on Friday due to weakness in the US markets. The 50-stock index Nifty closed 132 points lower at 17,859, the 30-stock BSE Sensex closed 452 points lower at 59,900, while the Bank Nifty closed 419 points lower at 42,188. Broad market indices continued their decline with the small-cap index falling 0.73 per cent, while the mid-cap index declined 0.72 per cent. The advance-decline ratio remained low at 0.51:1.
day trading strategy for monday
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher believes that the Nifty could slide further towards 17,250 levels if it breaks the current important support around 17,800 levels. Experts at Prabhudas Lilladher said TCS shares will be in focus today as street observers and investors eagerly await IT giant TCS' results for the October to December 2022 quarter. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommends two stocks to buy today and those two stocks are Mahindra & Mahindra (M&M) and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
On intraday trading strategies, Vaishali Parekh of Prabhudas Lilladher said, "Nifty extended losses with a bearish pattern of 3 black crows with the important support area of 17800 on the daily chart and a decisive breach below under renewed selling pressure." Further downside is expected in the index. The next major support area near the index is 17250 levels which is the important 200DMA level."
"Bank Nifty further extended losses with a negative candle below the crucial 50EMA level of 42,380 to weaken bias and further breached the key support area of 41,500 to 41,550, which will further create selling pressure in banking Estimates can be made in the region," Parekh said.
Vaishali Parekh said that support for the NSE Nifty can be seen at 17,700 while resistance can be seen at 18,000 levels. The daily range for Bank Nifty will be in the range of 41,700 to 42,600.
TCS, Infosys shares in focus
With sentiment and bias weakening, all eyes will now eagerly await the results of IT giants Infosys and TCS in the coming week, said expert Prabhudas Lilladher. He said that this whole week TCS and Infosys stocks will be in focus.
stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we list the complete details regarding those two day trading stocks:
1] Mahindra & Mahindra (M&M): Buy at ₹1264, target ₹1288, stop loss at ₹1250; And
2] Gujarat Narmada Valley Fertilizers & Chemicals or GNFC: Buy at ₹587, target ₹604, stop loss ₹580.
No comments:
Post a Comment