Buy or sell on Lok Sabha Election result: Vaishali Parekh recommends three stocks to buy today

Vaishali Parekh’s stocks to buy

Vaishali Parekh, Vice President — Research at Prabhudas Lilladher, believes that the Nifty 50 index has exceeded the previous peak zone of 23,100, which signifies a strong trend. Prabhudas Lilladher predicted a further rally on the Lok Sabha Election results date if the outcome is in sync with the Exit Polls 2024. Vaishali said that the next target for Nifty today is 23,500 to 23,800. She said Bank Nifty today may trade in the 50,400 to 51,800 range.

On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks: Indian Hotels Company, Gujarat Gas, and Chambal Fertilisers.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index witnessing a huge gap up opening, has breached above the previous peak zone of 23,110 levels to scale a new high creating history on the eve of the Lok Sabha election outcome day signifying strong trend and is anticipated for further rise in the coming days. The index would have the next targets of 23,500 and 23,800 levels open on the higher side with the 22,800 zones maintained as the crucial support zone.”

“The Bank Nifty index has gained strength, achieving the 51,000 landmark, and has next targets of 52,600 and 53,500 levels in the coming days. The index with the bias turned strong and expected a further rise, with the 49,600 zone as the crucial support from current levels,” said Parekh.

Parekh went on to add that today, Nifty’s immediate support is at 23,100, while the resistance is at 23,500. The Bank Nifty would have a daily range of 50,400 to 51,800.

Buy or sell stocks by Vaishali Parekh

1] Indian Hotels Company: Buy at ₹576.50, target ₹600, stop loss ₹565;

2] Gujarat Gas: Buy at ₹569.50, target ₹595, stop loss ₹558; and

3] Chambal Fertilisers: Buy at ₹407, target ₹430, stop loss ₹397.

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: 04 Jun 2024, 06:57 AM IST