Vaishali Parekh suggests three equities to buy or sell today, starting on January 2
Invest in or sell stocks today: Key Dalal Street benchmark indices pared most of their intraday gains on Monday due to a late sell-off in the Indian stock market during the first trading session of 2024. At 21,741, the Nifty 50 index finished 10 points higher. While the Nifty Bank index dropped 57 points and ended at 48,234 levels, the BSE Sensex gained 31 points and closed at 72,271 levels. The Nifty fell less than broad market indices, while the advance-decline ratio increased to 1.82:1.
Intraday trading tips for Tuesday
The Nifty 50 index has been encountering resistance near 21,800 levels for the past three sessions, according to Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher. Nonetheless, the expert Vaishali Parekh insisted that there is a favourable overall market bias as long as the 50-stock index continues to hold above its critical support level of 21,550. In order for the rally to continue, Parekh continued, Bank Nifty would need to break above the 48,600 zone.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Since the last three sessions, Nifty has been in a consolidation phase, with support held about 21,670 levels and a strong overall bias. The Nifty has halted near the 21,800 zone that has been resisting. As we previously stated, in order to keep the positive bias, the index would need to hold above the support zone of 21,550 levels, and in order for a new breakout to continue the uptrend, it would need to break over the 21,800 zone.”
“After trading at the 48,300 zone for the last several sessions, Bank Nifty has to break above the 48,600 zone in order for the uptrend to continue. From there, the trend will weaken. On the downside, the levels around 46,300 will remain a strong support zone.” said Parekh.
Stocks to buy today
1] Syngene: Trade at ₹709.75, aim for ₹745, and stop loss at ₹698;
2] GHCL: Trade at ₹606, aim for ₹635, and stop loss ₹596; and
3] Welspun Corp: Trade at ₹570.80, aim for ₹600, and stop loss ₹562.
Disclaimer: The advice and opinions expressed above are not affiliated with Dailydignews; rather, they represent the opinions of certain analysts or broking firms. We urge investors to consult with licenced professionals before to making any financial decisions.