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Buy or sell shares for today: Despite strong global market sentiment over the rumored US Federal Reserve rate hike and China’s efforts to shore up its market, the Indian stock market closed unchanged on Wednesday. The Nifty 50 index ended marginally higher at 21,930 level, while the BSE Sensex lost 34 points to close at 72,152 mark. The Bank Nifty index gained 127 points and ended at the level of 45,818.
Cash market volumes on the NSE improved a little to Rs 1.33 lakh crore. The midcap index rose 1.48%, outperforming the Nifty 50 index, even as the advance-decline ratio softened to 1.39:1.
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Day Trading Tips for Thursday
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, believes that the Nifty 50 index is facing a hurdle at 22,100 levels. Prabhudas Lilladher expert added that the 50-share index needs to decisively surpass the 22,100 zone to confirm a fresh breakout. However, on the downside, the Nifty 50 index needs to stay above the 21,750 mark.
As for stocks to buy today, Vaishali Parekh recommended three intraday stocks for today: La Opala, VETO Switch Gears and IPCA Laboratories.
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On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty, after opening near the 22,000 zone, faced resistance and amid volatility, fell to take support levels of 21,850 and with some recovery in “In the second half, it closed above the 21,900 zone. The index needs to make a decisive break above the 22,100 zone to confirm a new breakout and to the downside it would be necessary to maintain the levels of 21,750 to keep the bias intact.”
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“Bank Nifty once again witnessed resistance near the 46,000 zone and took support near the 45,600 level during the intraday session which gradually recovered in the second half. With the RBI policy announcement expected, the index would be subject to volatility and would need to close above the 46,500 zone to establish some conviction and then expect a further rise in the coming sessions,” Parekh said.
Parekh went on to add that the immediate support for Nifty today stands at 21,800, while the resistance stands at 22,100. Bank Nifty would have a daily range of 45,400 to 46,300 levels.
Stocks to buy today
1) The Opala: Buy in $374.50, target $418, stop loss $367;
2) VETO gear shift: Buy in $129, target $135, stop loss $126; and
3) IPCA Laboratories: Buy in $1225.50, target $1260, stop loss $1205.
Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.
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Posted: Feb 8, 2024, 07:05 am IST