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

Intraday trading tips for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has gone past the 50-EMA zones and closed above the 22,000 level in the previous session. The Prabhudas Lilladher expert went on to add that the follow-through upside move on Friday has improved the market bias. 

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However, Vaishali Parekh maintained that the 50-stock index needs to cross the 22,300 hurdles for further improvement in the Indian stock market trends. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — SRF, IOC, and Ashok Leyland.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index opened on a strong note moving past the significant 50EMA zone of 21,870 levels and breached above the 22,000 zone during the intraday session to improve the bias with the broader markets also actively participating to support the indices. The index needs to move past the 22,300 zone to further strengthen the bias and thereafter anticipate retesting the previous peak levels of 22,525 zone.”

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“The Bank Nifty also has indicated a trend reversal on the daily chart to move past the significant 50EMA level of 46,600 zones to improve the bias and further rise can be anticipated with support maintained near 46,000 levels,” said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at 21,900 level while the resistance would be seen at 22,200 level. The Bank Nifty would have a daily range of 46,300 to 47,200 levels.

Vaishali Parekh stocks to buy today

1] SRF: Buy at ₹2538, target ₹2670, stop loss ₹2485;

2] IOC: Buy at ₹164.50, target ₹171, stop loss ₹161; and

3] Ashok Leyland: Buy at ₹166.85, target ₹174, stop loss ₹164.

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: 22 Mar 2024, 06:55 AM IST