- Buy or sell stock: Vaishali Parekh of Prabhudas Lilladher believes that overall bias and sentiment is maintained with a cautiously positive approach
Buy or sell stocks for today: After ushering in the new year 2023, Dalal Street is all set for its first trade session on Monday. In the year gone by, Nifty 50 index registered 2.72 per cent rise while 30-stock index BSE Sensex surged 2.80 per cent. However, Nifty Bank index outperformed key benchmark indices in 2022 by a huge margin as the banking index surged to the tune of 21 per cent in the year gone by. But, broad market indices remained laggard in terms of delivering returns. Small-cap index ended 2022 lower to the tune of 3 per cent whereas BSE mid-cap index finished 0.30 per cent higher.
Day trading strategy for Monday
As global markets including Indian Dalal Street has ushered into a fresh year ahead, Vaishali Parekh, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall bias and sentiment of Indian secondary market is maintained with a cautiously positive approach till further clarity. On stocks to buy today, Prabhudas Lilladher recommended two intraday stocks for today and those two shares are Canara Bank and Gujarat Alkalies & Chemicals.
“Nifty after opening near 18250 zone gradually slipped down as the day progressed and in the final hours witnessed a steep slide to touch 18,100 levels and closed at the lower end near 18,100 levels. Bank Nifty witnessed some volatility touching almost 43,500 levels with some profit booking in the final hours to close near the 43,000 zone. Both the important indices are hovering within a range and need a decent breakthrough to establish a clear directional move in the coming days,” said Parekh.
Prabhudas Lilladher went on to add that overall bias and sentiment is maintained with a cautiously positive approach till further clarity and conviction is established. Intraday support for 50-stock Nifty index is placed at 18,000 levels while the resistance is seen at 18,250 levels. Bank Nifty would have the daily range of 42,500 to 43,500 levels, said Parekh.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details in regard to those two shares:
1] Canara Bank: Buy at ₹333, target ₹345, stop loss ₹328; and
2] Gujarat Alkalies & Chemicals: Buy at ₹767, target ₹788, stop loss ₹757.
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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