Daily Stock Market News

Buy or sell: Vaishali Parekh suggests these 2 stocks to buy today — November 24


Stocks settled slightly higher on Wednesday, helped by the unrelenting rally in bank stocks, though trading remained cautiously in a narrow range ahead of the minutes of the US Federal Reserve’s November policy meeting. The benchmark Sensex closed up 0.15% to 61,510, while the Nifty 50 index added 0.13% to 18,267.

The rupee depreciated 26 paise to close at 81.93 against the US currency on Wednesday due to dollar buying by banks on behalf of importers and rising crude oil prices in the overseas markets. Meanwhile, Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth 789.86 crore on Wednesday, according to the exchange data.

Intraday trading strategy for today

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said that “Nifty after opening on a positive note touched the 18,300 zone and with rangebound movement maintained the levels to witness some profit booking at the fag end to close on a flat note with the overall bias remaining positive. The overall sentiment has been maintained positive with 18,000 as the major support zone for the Nifty index as said earlier. The support for the day is seen at 18100 while the resistance is seen at 18,400.”

“Bank Nifty during the intraday session made a new high touching the 42850 zone inching gradually upward and with bias getting better is anticipated to rise further in the coming days. The PSU Banks has been shining for quite some time outperforming the Private banks and showing strength to carry on the momentum still further. Bank Nifty would have the daily range of 42300-43200 levels,” she added on Nifty Bank.

Intraday stocks picks for today

Sharing as the top picks for Thursday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Cummins and Bank of Baroda.

Cummins: Buy CUMMINS, stop loss 1,335, target 1,410

Bank of Baroda: Buy BANK OF BARODA, stop loss 166, target 173

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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