Buy or sell: Following fears of economic recession, Indian stock market continued to remain range-bound and highly volatile on Tuesday session. Nifty 50 index lost 10 points and closed at 17,655 whereas BSE Sensex slumped 48 points and ended at 59,196 levels. Bank Nifty index ended 139 points lower at 39,666 mark. However, mid-cap index outperformed the 50-stock index and added 0.47 per cent on Tuesday. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that despite two side swing in Indian stock market, day traders have a chance to make money out of it. She believes that small-cap and mid-cap stocks are expected to outperform key benchmark indices and recommended day traders to look at stocks in this segment.
Vaishali Parekh’s recommendations
On Nifty technical outlook, Vaishali Parekh said, “Nifty witnessed a volatile session swinging to and fro between 17,750 and 17,600 levels and to end on a flat note with consolidation maintained near the 17,700 zone. As said earlier, there is tough resistance witnessed near the 17,750 to 17,800 zone and need to cross this resistance barrier for further fresh upward move.”
Vaishali went on to add that Bank Nifty also resisted near the 40,000 landmark witnessing some profit booking and closed on the downside near 39,650 levels. The overall bias and sentiment is maintained ‘cautiously positive’ with select mid-cap and small-cap stocks performing well.
“The support for the Nifty 50 index today is seen at 17,550 while the resistance is seen at 17,800 levels. Bank Nifty would have the daily range of 39,300 to 40,100 levels, Vaishali added.
Vaishali Parekh’s shares to buy today
On day trading stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks — Balrampur Chini and SAIL.
Here we list out full details in regard to day trading stocks recommended by Prabhudas Lilladher stock expert:
Balrampur Chini: Buy at ₹373, target ₹396, stop loss ₹362
SAIL: Buy at ₹82, target ₹86, stop loss ₹80.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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