Intraday Trading Strategy: Best Stocks To Buy Today Under Rs 200

The benchmark Nifty 50 struck a new lifetime high and broke the critical 20,000 level on Monday, driving the Indian benchmark into a frenzy. Sensex surpassed 67,000 points as well. The Nifty index rose 176.40 points, or 0.9%, to end the day at 19,996.35, while the Sensex index rose 528.17 points, or 0.79 per cent, to close at 67,127.08. Bank Nifty, however, soared 477.45 points or 1.06% to close at 45,633.85. The Nifty Midcap 100 index reached a new all-time high of 41,467.20, and the Nifty Smallcap 100 index reached a new all-time high of 13,006.35.

Nifty Prediction Today

Rupak De, Senior Technical analyst at LKP Securities said, "Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level. On the upside, we can identify an immediate resistance zone between 20,100 and 20,200. If there is a convincing breakthrough above 20,200, it could pave the way for the Nifty to advance towards the 20,500 mark."

Bank Nifty Prediction Today

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index is currently experiencing a strong bullish momentum, with buyers dominating the market and pushing the index higher. The next significant resistance level for the index is at 46,000, where a substantial amount of call writing is evident. On the downside, the key support level has shifted to 45,000, where the highest open interest built up on the put side."

Stocks To Buy Today Under Rs 200

AR Ramachandran from Tips2Trades has recommended top stocks to buy today below Rs 200.

Ircon International

Ircon International has been very bullish but also overbought on the Daily charts with next resistance at 159. Investors should be booking profits at current levels as a daily close below support of 133.65 could lead to a sharp fall till 111.5 in the near term.

Coffee Day

Due to corporate governance issues relating to alleged embezzlement of funds, Coffee Day stock price has seen a sharp gap down and now faces strong support at 41.5 on the Daily charts. Investors should book profits at current levels as a close below this support could lead to target of 37 in the near term. Strong resistance will be at 48.2.

Reliance Power

Reliance Power is now bearish & also overbought on the Daily charts with next resistance at 22.05. Investors should be booking profits at current levels as a daily close below support of 20 could lead to a sharp fall till 16 in the near term.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.