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

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is facing resistance at the 22,500 level. The Prabhudas Lilladher expert anticipated further consolidation in the Indian stock market and predicted that the 50-stock index may go down towards 22,200 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks — RateGain Travel Technologies, Linde India, and Jio Financial Services.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, “After making an all-time high of 22,526 mark, the Nifty 50 index witnessed resistance near the 22,500 zones and ended on the lower side with some profit booking seen to turn the daily trend down, forming a double top formation pattern on the smaller time frame and anticipating some consolidation or a slight dip in the index movement till the 22,200 level.”

“The Bank Nifty, in a similar way, found resistance near the 48,000 zone and formed a ‘LOWER TOP’ formation on the daily chart. It has not closed above 48,000 and is anticipating some profit booking /sideways movement in the coming days. It would need to cross the 48,000 zone decisively for a further upward move. The overall bias has been maintained as cautiously positive until further clarification and confirmation,” said Parekh.

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Parekh went on to add that the immediate support for Sensex and Nifty today is placed at 73,000 and 22,200 levels respectively, while the resistance for the Nifty and Sensex today would be seen at 74,000 and 22,500 levels. The Bank Nifty would have a daily range of 46,500 to 48,000 levels.

Stocks to buy today

1] RateGain: Buy at ₹791, target ₹900, stop loss ₹760;

2] Linde India: Buy at ₹5906, target ₹6500, stop loss ₹5600; and

3] Jio Financial Services: Buy at ₹355, target ₹390, stop loss ₹335.

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

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Published: 12 Mar 2024, 07:25 AM IST