Buy or sell: Vaishali Parekh recommends three stocks to buy today

The RBI’s rate-setting panel is expected to maintain a pause on the key interest rates over the current economic growth trajectory and retail inflation data. The 30-share BSE Sensex benchmark dropped by 110.64 points or 0.15 per cent to settle at 73,903.91 on April 2. During the day, the index dipped 270.78 points or 0.36 per cent to a low of 73,743.77. 

Also Read: Nifty April series outlook: 4 stocks where investors can park their money; do you own?

The broader NSE Nifty dipped 8.70 points or 0.04 per cent to 22,453.30, despite fag-end recovery. In the broader market, the more domestically-focused BSE smallcap rose1.28 per cent and midcap index gained 1.14 per cent. Analysts said mid and small-cap stocks continued recovery, yet concerns over high valuations stayed. 

US Fed Chair Powell’s speech is due later today which will be keenly eyed by investors for further cues on rate cuts and near-term market movement. International crude oil prices hit six-month high on April 2 with benchmark Brent rising above the $89 per barrel for the first time since October over supply risk from Ukrainian attacks on Russian facilities and Middle-East crisis.

Crude oil prices hit 2024-high ahead of the joint ministerial monitoring committee meeting (JMMC) by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) — also due later today.

 

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that Nifty 50 has got the next higher targets of 22,800 and 23,400 levels with near-term major support maintained near 22,000 zone. 

Coming to the stocks that investors can buy, the Prabhudas Lilladher expert recommended three intraday stocks for today —Marksans Pharma, IRB Infrastructure Developers, and Kiri Industries.

 

Stock market today

On the outlook for the Nifty 50’s performance today, Vaishali Parekh said, ‘’Nifty once again found resistance near the 22,500 zone and had a flat day with bias maintained positive and scope for upward movement anticipated in the coming days.”

Also Read: OPEC+ Meeting: Oil producers unlikely to change output policy on April 3 after crude hits 2024-high

For Bank Nifty, Parekh said, ‘’Bank Nifty, also in a similar way, ended the session on a flat note with HDFC Bank maintaining its bias while ICICI Bank, Kotak Bank and Axis Bank witnessing some profit booking.”

Parekh added that for Nifty 50, the support for the day is seen at 22,300 level while the resistance would be seen at 22,600 levels. Bank Nifty would have the daily range of 47,200-48,000 levels.

Nifty Spot Index

Support – 22,300

Resistance – 22,600

Bank Nifty Spot Index

Support – 47,200

Resistance – 48,000.

Also Read: Expert View | Market to consolidate in FY25, Nifty 50 upside capped at 24,300: Rahul Ghose of Hedged.in

Stocks to buy today

1.Marksans Pharma: Buy Marksans Pharma at ₹161.10, Target ₹170, Stop Loss ₹157

2.IRB Infra: Buy IRB Infra at ₹63.75, Target ₹68, Stop Loss ₹62

3.Kiri Industries: Buy Kiri Industries at ₹339.70, Target ₹357, Stop Loss ₹332.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 03 Apr 2024, 06:06 AM IST