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

In the broad market, both small-cap and mid-cap indices outperformed the key benchmark indices even as the advance-decline ratio remained firm at 1.56:1. Large activity was seen in bank, auto, pharma, PSU, and FMCG stocks.

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Intraday trading tips for Monday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index closing above the 22,000 level should be taken as further improvement in the Indian stock market bias. The Prabhudas Lilladher expert said that Nifty today has crucial support placed at the 21,800 mark and the 50-stock index is now looking ahead to touch 22,400 and 22,800 levels in the short-term time horizon.

On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today — Tata Communications, Hindustan Unilever Ltd or HUL, and SRF.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty gained further with a gap up opening and once again breached above the 22,000 zone and sustained the levels with bias maintained strong expecting to retest the previous peak levels in the coming sessions. The index would have the 21,800 level as the important support zone and can expect higher targets of 22,400 and 22,800 levels once a decisive breakout above the previous peak level is confirmed.”

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“Bank Nifty, with a gap up opening, surged ahead but witnessed resistance near the 46,700 zone and with profit booking seen slipped down to end near 46,400 levels. The index would have the crucial hurdle of 46,800 levels which need to be reached to expect further upward move while on the downside the levels near the significant 50EMA zone of 46,100 would be the near-term support level,” said Parekh.

Parekh went on to add that the immediate support for Nifty today is placed at 21,900 while the resistance is seen at 22,200. Bank Nifty would have a daily range of 46,100 to 47,000 levels.

Stocks to buy today

1] Tata Communications: Buy at ₹1812, target ₹1875, stop loss ₹1780;

2] HUL: Buy at ₹2375, target ₹2450, stop loss ₹2340; and

3] SRF: Buy at ₹2380, target ₹2450, stop loss ₹2345.

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: 19 Feb 2024, 06:57 AM IST