Buy or sell stocks for today: Generally, the Indian stock market remains closed on Saturday and Sunday but on 20th January 2024, dealing on Dalal Street will take place from 9 AM to 3:30 PM. The decision has come ahead of the Ram Temple ‘Pran Pratishtha’ ceremony in Ayodhya on Monday, January 22. So, the stock market in India will remain closed on the following Sunday (21st January 2024) and Monday (22nd January 2024).
On Friday, positive global sentiments helped key benchmark indices of the Indian stock market to register a decent recovery. After losing for three straight sessions, the Nifty 50 index gained 160 points and closed at the 21,622 level, and the BSE Sensex shot up 496 points and closed at the 71,683 mark. However, the Bank Nifty index ended marginally lower at 45,701 level.
Intraday trading tips
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market mood has improved after the decent pullback on Friday. However, Prabhudas Lilladher expert maintained that the overall trend would be better once the 50-stock index gives a decisive breach above the 21,750 zone. Vaishali said that the near-term support for the Nifty 50 index is maintained at 21,300 level.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Hindustan Copper, Jamna Auto and Can Fin Homes.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty 50 index once again witnessed a gaining session after witnessing a decent recovery from the 21,300 zone to improve the bias and sentiment to some extent with near-term target expected till 21,700 to 21,750 levels. The overall trend shall get better provided the index gives a decisive breach above the 21,750 zones to anticipate retesting the all-time high levels once again in the coming days with near-term support maintained at 21,300 zones.”
“Bank Nifty on the other hand remained sluggish with a slight negative bias on the back of weak movement from HDFC Bank which extended the losses and is near the 52-week low level of ₹1460. The index would have the crucial and important support zone of 44,600 levels of the significant 200 period MA zone below which needs to be sustained,” said Parekh.
Parekh went on to add that the immediate support for the Nifty 50 index today is placed at the 21,500 level, while the resistance is seen at 21,750. Bank Nifty would have a daily range of 45,400 to 46,000 levels.