Expert Advice: Three Stocks to Buy on 4th August
Written by Sanjay Kumar
The Indian stock market extended its losses for the third consecutive day on August 3, 2023, following weak global cues. The NSE Nifty lost 144 points to close at 19,381 levels, while the BSE Sensex corrected 542 points and finished at 65,240. The Bank Nifty index also ended on a negative note, closing 482 points lower at 44,513 levels. Despite this, broad market indices managed to end in the positive zone, with an advance-decline ratio of 1.06:1.
Intraday Trading Strategy by Vaishali Parekh:
Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, provided insights into the market and recommended an intraday trading strategy for the day. Parekh believes that the Indian stock market’s near-term resistance barrier lies between 19,600 and 19,650 levels. A decisive breach of this barrier is crucial to improve the market bias.
Parekh also expressed caution regarding the outlook for the Bank Nifty index, as it breached the 50-day Exponential Moving Average (DEMA) support at 44,650 levels, indicating a potential weakening trend.
Stocks to Buy Today (August 4):
In light of the market conditions, Vaishali Parekh recommended three intraday stocks to consider for trading:
- Tourism Finance: Buy at ₹85.50, target ₹92, stop loss ₹84.
- IRCTC: Buy at ₹660, target ₹690, stop loss ₹650.
- Zydus Life: Buy at ₹640, target ₹665, stop loss ₹630.
Outlook for Nifty:
Vaishali Parekh discussed the Nifty index’s performance. The index extended its losses, registering three consecutive bearish candle formations from the 19,800 zone. However, there was a pullback recovery near the crucial 19,300 zone in the final hours. To improve the overall bias, a decisive breach of the resistance barrier at 19,600-19,650 levels is essential.
For the Nifty, immediate support is at 19,300 levels, while resistance is seen at 19,500 levels.
Outlook for Bank Nifty:
As for the Bank Nifty, Parekh noted that it broke the crucial 50 DEMA levels at 44,650 during the intraday session, indicating a further weakening trend. The next major support lies at 44,600 levels, which needs to be sustained. To improve the bias to some extent and anticipate further rise, a decisive breach above 45,000 is necessary.
The daily range for Bank Nifty is expected to be between 44,300 and 45,000 levels.
Vaishali Parekh’s recommendations serve as useful pointers for day traders. However, it is important for investors to exercise caution and conduct due diligence before making any investment decisions. It is advisable to consult certified financial experts to make an informed choice.
Overall, the Indian stock market is facing challenges due to weak global cues, and market participants are advised to closely monitor the resistance levels to gauge the market sentiment accurately.
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