Buy or sell: Vaishali Parekh recommends three stocks to buy today — 31st August
Buy or sell stocks for today: On account of last hour selling, Indian stock market lost intraday gains on Wednesday. NSE Nifty and BSE Sensex managed to end higher with marginal gains whereas Bank Nifty index lost 262 points and ended at 44,232 levels. Nifty 50 index added 4.80 points and finished at 19,347 levels while BSE Sensex went up 11.43 points and closed at 65,087 mark.
Volumes on the NSE came back to being normal. Broad market indices outperformed the Nifty even as the advance decline ratio stood high at 1.85:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has strong support placed at 19,250 levels.
Prabhudas Lilladher expert went on to add that Bank Nifty today is trading in 43,800 to 44,800 range whereas Nifty is facing hurdle at 19,450 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Infosys, IDFC First Bank and Polyplex. On outlook for Nifty today, Vaishali Parekh of Prabhudas Lilladher said, "Nifty opened on a strong note with a gap up and almost scaled the 19,450 zone, where it witnessed some resistance and gradually slipped as the day progressed.
The near-term support immediate support for Nifty today is strong near the 19,250 zone." "Bank Nifty also witnessed a decent opening, resisting near the 44,800 zone and witnessing heavy profit booking to end the session near 44,200 levels. The banking index has been moving in the range of 43,800 to 44,800, and a break on either side will see further movement. The overall bias and sentiment have again turned very cautious with the indices precariously placed and would need some decent pullback to improve the bias," said Parekh.
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