“Indian Stock Market Continues Choppy Movement, Nifty 50 Hits All-Time High: Intraday Trading Tips for Tuesday”
The Indian stock market showed a sharp upside breakout on 1st March 2024, but continued with choppy movement for the second consecutive session on Monday. Despite this, key benchmark indices on Dalal Street managed to end higher in the first session of the week. The Nifty 50 index climbed to an all-time high of 22,440 and closed 27 points higher at 22,405, while the BSE Sensex gained 66 points to close at 73,872. The Bank Nifty index also finished 158 points higher at 47,456. In the broader market, the small-cap index dipped 0.78 percent, while the mid-cap index added 0.16 percent on Monday.
Looking ahead to Tuesday, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index needs to breach above the 22,500 level decisively for a fresh bull run on Dalal Street. Despite this, Parekh maintains that the overall market trend is positive, with the Nifty 50 index having a strong base around 22,200 levels. Parekh recommended three buy or sell stocks for the day – Engineers India, Axis Bank, and Steel Authority of India Limited (SAIL).
Parekh also provided insights on the outlook for the Nifty 50 and Bank Nifty indices for the day, stating that both indices need to breach certain levels for further upside moves. The immediate support and resistance levels for the Nifty 50 index were highlighted, along with the daily range for the Bank Nifty index.
For investors looking for potential stocks to buy, Parekh suggested the following:
1. Engineers India: Buy at ₹222.30, target ₹250, stop loss ₹210
2. Axis Bank: Buy at ₹1106, target ₹1250, stop loss ₹1045
3. SAIL: Buy at ₹141.65, target ₹165, stop loss ₹130
It is important to note that the views and recommendations provided are those of individual analysts, experts, and broking companies, and investors are advised to consult with certified experts before making any investment decisions.
