Buy or sell: Anuj Gupta of IIFL Securities recommends five stocks to buy today — 12th June
Buy or sell stocks for today: Following disappointing inflation readings from China, Indian stock market extended its weakness for second straight session on Friday. NSE Nifty ended 71 points lower at 18,563 whereas BSE Sensex corrected 223 points and closed at 62,625 levels. Bank Nifty index finished 6 points lower at 43,989 mark. In broad market, small-cap and mid-cap indices ended in green territory with marginal gains.
Intraday trading strategy for Monday
Anuj Gupta, Vice President — Research at IIFL Securities believes that outlook for Indian stock market is still positive and any dip in current market should be seen as major buying opportunity and next rally may lead Nifty and Sensex to retest its current highs. IIFL Securities expert went on to add that Nifty has weekly support placed at 18,300 and 18,000 levels whereas Bank Nifty has weekly support placed at 43,200 and 42,400 levels. On buy or sell stocks for this week, Anuj Gupta, recommended five stocks to buy today — Bharat Electronics Ltd or BEL, Balrampur Chini, Ujjivan SFB, Paytm and IRCTC.
On outlook for Nifty today, Anuj Gupta said, “Nifty has weekly support placed at 18,300 and 18,000 levels while weekly resistance for the 50-stock index is placed at 18,800 and 19,000 levels.”
On important levels for Bank Nifty today and Sensex today, Anuj Gupta said, “Bank Nifty’s weekly support is placed at 43,200 and 42,400 levels and weekly resistance is visible at 44,500 and 45,200 levels. Sensex today has immediate support at 62,000 and 61,200 levels while resistance at 63,500 and 65,000 levels.”
“We are expecting Nifty may test 18,800 levels, Sensex may test 63,500 levels and Bank Nifty to touch 44500 levels very soon,” said Anuj Gupta adding, “The trend on Indian indices are looking further positive on the back of FIIs inflow. RBI is also very optimistic on the Indian economy in terms of growth prospects, producers’ and consumers’ numbers.”
Stocks to buy today
As mentioned above, Anuj Gupta has recommended five intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] BEL: Buy around ₹115, target ₹135, stop loss ₹104;
2] Balrampur Chini: Buy at ₹400, target ₹440, stop loss ₹380;
3] Ujjivan SFB: Buy around ₹34, target ₹50, stop loss ₹29;
4] Paytm: Buy at ₹800, target ₹880, stop loss ₹758; and
5] IRCTC: Buy at ₹630, target ₹680, stop loss ₹600.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 12 Jun 2023, 06:37 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.