Buy or sell stocks for today: Following weak global cues amid US debt ceiling crisis, Indian stock market ended lower on second day in a row. NSE Nifty lost 104 points and closed at 18,181 levels, BSE Sensex went down 371 points and closed at 61,560 mark whereas Nifty Bank index corrected 205 points and finished at 43,698 levels. In broad market, mid-cap index lost 0.16 per cent whereas small-cap index logged 0.25 per cent gains despite weakness in global sentiments.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has strong support placed at 18,000 levels. Prabhudas Lilladher expected trend reversal from this support levels as last hour pull back in Bank Nifty index may provide support to the Indian stock market bulls on Thursday session. On intraday stocks for today, Vaishali Parekh recommended three day trading stocks and those three shares are Equitas Small Finance Bank, Fertilisers And Chemicals Travancore or FACT and Deepak Nitrite.
On outlook for Nifty today, Vaishali Parekh said, "Nifty gave a negative closing for the second consecutive day indicating two weak candles after the recent rally to anticipate for a trend reversal for the index having 18,000 as the psychological support as of now. The level near 17,800 of the significant 200DMA would be the major support zone for the index if there is any major slide witnessed in the coming days."
"Bank Nifty also breached the 43,700 zone during the intraday session to turn down the daily trend but still the last hour pullback has slightly improved the bias to some extent anticipating for some revival," Parekh said.
Vaishali Parekh of Prabhudas Lilladher went on to add that support for Nifty today is seen at 18,050 levels while the resistance is seen at 18,300 levels. Bank Nifty would have the daily range of 43,300 to 44,100 levels.
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