Buy or sell stocks today: The Indian stock market slumped on Monday as a result of gloomy global market sentiment. The NSE Nifty dropped 59 points and concluded the day at 20,133 levels, the BSE Sensex fell 241 points and finished the day at 67,596 levels, while the Nifty Bank index gained 251 points and finished the day at 45,979 levels. The NSE’s volume remained on the lower side. Even though the advance decrease ratio dropped significantly to 0.65:1, the small-cap index declined more than the Nifty.
Intraday trading strategy for Wednesday
According to Prabhudas Lilladher Vice President of Technical Research Vaishali Parekh, the overall trend is still good. Expert Prabhudas Lilladher stated that while Nifty is sustaining above 19,950 levels, there is potential for more rise. Vaishali Parekh gave three intraday equities—Power Grid Corporation of India, BPCL, and TVS Motor—as recommendations for stocks to purchase today.
Vaishali Parekh gave the following assessment of the Nifty’s performance today: “Nifty remained subdued beginning somewhat on a negative note failing to rise over the 20,200 zone finding resistance and ended in the red with some profit taking note. As long as the levels are held, the general trend is still bullish, and short-term support is still located around the 19,950 area.
“Bank Nifty also saw some profit taking from the peak zone where it had resisted close to the prior peak zone of 46,370 levels and finished in the red near 46,000 zones with overall trend maintained intact,” the report continued. The index’s key support area would be around the 45,300 level, and a clear break above the 46,370 level would imply a breakout to the upside, according to Parekh.
Parekh continued by saying that Nifty now has immediate support around 20,000 levels and immediate resistance at 20,300 levels. The daily range for Bank Nifty will be 45,700 to 46,400 levels.
Stocks to buy today
1] Power Grid: Buy at ₹200, target ₹214, stop loss ₹195.
2] BPCL: Buy at ₹360, target ₹385, stop loss ₹353.
3] TVS Motor: Buy at ₹1526, target ₹1620, stop loss ₹1500.