PremiumBuy or sell stocks for today: .n account of weak global cues, Indian stock market continued to remain under bears' grip for fourth straight session on Friday session. After hitting ire record high on 1st December, both Nifty and Sensex lost to the tune of 3.50 per cent. However, broader markets and Bank Nifty remained string in this retracement from the record highs. But, after the renewal of Covid-19 fear, Dalal Street witnessed another wave of sell off from 15th December 2022 leading to further nosedive in key benchmark indices.
On current bull vs bear market, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that cautious trend on Dalal Street is expected to continue. Prabhudas Lilladher expert went on to add that next crucial support for Nifty 50 index is now placed at 17,450 levels while Bank Nifty may have a daily range from 41,000 to 42,000. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two stocks are Ajanta Pharma and Brigade Enterprises.
"Nifty tanked further with a weak bearish candle pattern on the daily chart to breach decisively the 18000 landmark which was also the long term trend line support zone and with the overall scenario maintained with a very cautious approach, further slide is anticipated in the coming days. The next major crucial support band is visible near the significant 200DMA level of 17450 zone with most of the frontline stocks losing their strength and slipping further," said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty also succumbed to the selling pressure and slipped below the important support zone of 41700-41800 levels and further weakness can carry it to 40800 levels. With the concern looming around over the rising numbers of Covid cases and their further developments, the overall sentiment and bias is maintained with a cautious approach.
"The support for the day is seen at 17600 while the resistance is seen at 18000. Bank Nifty would have the daily range of 41000-42000 levels," Prabhudas Lilladher experts said.
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in this regard:
1] Ajanta Pharma: Buy at ₹1240, target ₹1268, stop loss ₹1224; and
2] Brigade Enterprises: Buy at ₹471, target ₹485, stop loss ₹465.
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.