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

Intraday trading tips

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the stock market sentiment has improved after the strong bouncing back on Friday. The Prabhudas Lilladher expert went on to add that the Nifty 50 is now facing a hurdle at the 21,800 level after making an immediate base at 21,600 to 21,650 zones. Parekh said that Dalal Street trends may further improve once the 50-stock index gives a decisive breach above the 21,800 mark on a closing basis.

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Aarti Industries, Ambuja Cements, and Syngene International.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty witnessed volatility in the morning session and with support taken near 21,630 zone, recovered significantly to close near the 21,800 zone with sentiment in a much better position. The index has been maintaining the support zone of 21,700 levels as of now and would need a decisive breach above the 21,800 zone to improve the bias overall.”

“Bank Nifty opened on a weak note near the 44,900 zone of the significant 200 period MA level but witnessed a decent recovery as the day progressed to end near the 45,600 levels with consolidation happening for quite some time. As mentioned earlier, there is resistance witnessed near the 50EMA level of 46,150 zones and would need a decisive breach above that zone for conviction to be established for further rise,” said Parekh.

Parekh went on to add that the immediate support for Nifty today is placed at 21,700 while the resistance is seen at the 21,950 mark. Bank Nifty would have a daily range of 44,200 to 46,000 levels.

Stocks to buy today

1] Aarti Industries: Buy at ₹663, target ₹694, stop loss ₹650;

2] Ambuja Cements: Buy at Rs576.20, target ₹600, stop loss ₹565; and

3] Sungene International: Buy at ₹748.30, target ₹777, stop loss ₹734.

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: 12 Feb 2024, 07:53 AM IST