Buy or sell stocks for today: Nifty 50 index gains 167 points today

Shivani Arora

Despite weak global market sentiments on disappointing forecasts from Facebook and Instagram parent Meta, the Indian stock market ended higher for the fifth straight session on Thursday. The Nifty 50 index gained 167 points and closed at a 22,570 level, the BSE Sensex surged 486 points and ended at the 74,399 mark while the Bank Nifty index finished 305 points higher at the 48,494 level. Cash market volumes on the NSE were higher on the monthly F&O expiry day at Rs. 1.39 lakh crore, although lower than the February expiry day volumes of Rs. 1.45 lakh crore. The Small-cap index outperformed the Nifty 50 index, even as the advance-decline ratio stayed firm at 1.19:1.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market sentiments are positive as the Nifty 50 index has formed a “Bullish Engulfing” candle on the chart. The Prabhudas Lilladher expert went on to add that the Nifty 50 index is expected to retest the previous peak zone of 22,775 levels with major support maintained near 22,150 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stock ideas for today — JSW Steel, NMDC, and HUDCO.

On the outlook for Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “The knee-jerk reaction was bought into and the Bank Nifty witnessed a smart recovery to close with gains of nearly 300 points post opening down almost 400 points. Going ahead we expect the momentum to continue and minor degree pullbacks should be used as a buying opportunity. On the upside, the next hurdle is placed at 49,000. Longs should be held with a trailing stop loss at 48,200 which is the 20-hour moving average.”

Unveiling intraday trading strategy for the Indian stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “The recent rally, particularly evident since Friday, has been characterized by broader market participation and a tendency for buying into dips. This trend is anticipated to persist, with prices likely to retest previous high levels in upcoming sessions. Traders are advised to maintain a positive outlook and capitalize on buying opportunities during market dips. Furthermore, the strong performance of mid and small-cap stocks warrants continued focus for potential outperformance. However, selectivity is crucial at this stage, as the low-hanging fruits have already gone.”

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I am Shivani Arora, a media student who is working as a freelancer Content Writer, news writer and social media handler with different agencies. I am a post graduate student who is self motivated and a hardworking person. My main aim is to excel in my career by learning and exploring new things.
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