Buy or sell stocks for today: On account of negative global market sentiments on Silicon Valley Bank (SVB) crisis, Dalal Street finished lower on third day in a row. Nifty 50 index went down 258 points and ended at 17,154 while BSE Sensex finished 897 points down at 58,237 levels. Nifty Bank index ended 920 points southward at 39,564 levels. In broad market, mid-cap index crashed 1.82 per cent while small-cap index nosedived over 2 per cent as investors unloaded the small and midcaps fearing longish period of downside move.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments are weak. Prabhudas Lilladher expert said that Nifty has immediate support placed at 17,150 to 17,200 zone and on breaching this support, next support for the 50-stock index is placed at 16,700 levels. On stocks to buy today, Vaishali Parekh recommended 3 intraday stocks for today and those three day trading stocks are McDowell, VRL Logistics and Apollo Hospitals.
On outlook for Nifty today, Vaishali Parekh said, “Nifty in the morning session witnessed resistance near 17,500 zone and slipped down gradually with profit booking witnessed as the day progressed to end near 17,150 levels breaching the important zone of 17,200 to weaken the bias and sentiment. The index has the next major support zone near 16,700 levels with 17,000 acting as the psychological zone where there are chances that it can consolidate for some time.”
“Bank Nifty also tanked from 40600 zone and slipped significantly to touch 39,500 levels with bias shattered and looking weak for further sessions. The 39,500 zone is very important for the Bank index, which is where the significant 200DMA also lies and a decisive breach can trigger for further intensified selling pressure with next major support zone visible near 38,000 to 38,200 zone,” Parekh said.
Parekh went on to add that the support for the day is seen at 17,000 while the resistance is seen at 17,300 levels. Bank Nifty would have the daily range of 39,000 to 40,000 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks:
1] McDowell: Buy at ₹754, target ₹784, stop loss ₹742;
2] VRL Logistics: Buy at ₹600, target ₹625, stop loss ₹590; and
3] Apollo Hospitals: Buy at ₹4345, target ₹4470, stop loss ₹4280.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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