Buy and sell stocks: In the last trading session of FY24, the Indian stock market witnessed a decisive intra-day upward break. The Nifty 50 index rose 203 points to end at 22,326 levels, the BSE Sensex index rose 655 points to end at 73,651 levels, while the Bank Nifty index rose 338 points to end at 47,124 levels. In the last session of FY24, in the overall market, the small cap index rose by 0.33% while the midcap index rose by 0.62%.
Monday intraday trading tips
Vaishali Parekh, vice president, technical research, Prabhudas Liladha, believes the Nifty 50 index may gain strength and retest the peak zone at 22,526 level. The 50-stock index will test the next highest targets of 22,700 and 23,200, Prabhudas Liladhar expert further added. On stocks to buy today, Vaishali Parekh recommended three stocks to buy or sell: Deepak Fertilizers, Eicher Motors and LIC Housing Finance.
Also read: Today's stock market day trading guide: 9 stocks to buy and sell on Monday
stock market today
Commenting on Nifty50 outlook today, Vaishali Parekh said, “Nifty50 showed strong gains on the last day of FY 2023-2024 and ended well near 22,350 zone with intraday high at 22,516 levels. ” he said. “This comes on the back of heavy buying among the frontline stocks.The index is once again gaining strength and is expected to retest the peak zone at the 22,526 level in the coming days. The next higher targets are expected to be at the 22,700 and 23,200 levels.”
“The Bank Nifty index also gained momentum during the intraday session and reached a high of 47,440 level with an improvement in the bias and ended the day around 47,100 level. As mentioned earlier, a decisive break above 47,300 zone could lead to further It will establish confidence to expect an uptick in the coming days,” Parekh said.
Prakh went on to add that Nifty's immediate support currently lies at the 22,200 level, while resistance would lie at the 22,500 level. For Bank Nifty, the daily range will be 46,700-47,600 levels.
1]Deepak Fertilizer: buy at INR504, target INR530, stop loss INR492;
2]Eicher motor: buy at INR4019, Tagget INR4200, stop loss INR3930; and
3]LIC Housing Finance: buy at INR611, target INR640, stop loss INR596.
Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.
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