Buy or Sell: The Indian stock market finally entered a halt last week after posting increases for seven straight weeks. The previous week saw BSE Sensex lose 257 points, or 0.36 percent, while the Nifty 50 index finished 0.55 percent, or 113 points, down after erratic patterns throughout the week. In the previous five sessions, the Nifty Bank index dropped 493 points, or 1.03%.
PSU banks, private banks, and media indices all experienced profit booking, while the FMCG, oil and gas, and pharmaceutical indexes all saw gains of more than 1%. PSU Bank index saw the biggest decline, falling more than 3%.
Intraday trading tips for Tuesday
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the 50-stock index is attempting to retreat following a recent profit selling trigger, and the Nifty 50 index has found support near 21,000 levels. The analyst Prabhudas Lilladher continued by saying that the Nifty is currently facing a hurdle around 21,500 levels and that a breakout on either side of the 21,000 to 21,500 range would likely indicate a bullish or negative trend.
Buy or sell
Regarding companies to purchase today, Vaishali Parekh suggested Clean Science and Technology and Laurus Labs as two intraday stocks.
Stock market today
Vaishali Parekh provided the following outlook for the Nifty 50 today: “Nifty saw a decent pullback after finding support near the 21,000 zone, which helped to improve the bias once again. To maintain the momentum and confirm a breakout for further rise in the coming days, a decisive breach above the crucial 21,500 levels would be necessary. As of right now, the index has continued its strong upward trend; a clear break below the 20,800 zone will simply weaken the bias and signal a potential decline.”
“Bank Nifty is showing signs of weakness and ended the intraday session down, close to the 47,500 mark, as a result of some profit booking. As previously said, the key support zone would be kept around 46,300 levels, and a clear break above 48,200 is required on the upside to validate a breakout for a further fresh upward rise, according to Parekh.
Parekh continued, saying that the 21,200 zone serves as the Nifty’s immediate support today, while the 21,500 level represents resistance. The daily range for BankNifty would be between 47,100 and 47,800 levels.
Stocks to buy today
1] Clean Science and Technology: Buy at ₹1517, target ₹1590, stop loss ₹1495; and
2] Laurus Labs: Buy at ₹414.55, target ₹432, stop loss ₹408.
Notice: Mint does not endorse the opinions or suggestions expressed above; rather, they represent the opinions of certain analysts or brokerage firms. Before making any financial decisions, we suggest investors to consult with qualified specialists.
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