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

Vaishali Parekh’s stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has turned cautious as the Nifty 50 index succumbed to the short-term resistance placed at 22,600 level. The Prabhudas Lilladher expert went on to add that the 50-stock index now has an important support zone near the significant 50EMA level of 22,150. Parekh said that Nifty breaching below this support may turn the Indian stock market bias weak. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — CUB, Pidilite Industries, and Godrej Properties.

Also Read: Stock market today: Trade setup for Nifty 50 to Sensex, six stocks to buy or sell on Monday — April 29

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “The Nifty 50 index after witnessing a bullish candle formation in the previous session, succumbed to profit booking finding resistance near the 22,600 levels and eroded some of its gains having the important support zone near the significant 50EMA level of 22,150 below which the bias can turn weak.”

“The Bank Nifty index after the decent pullback witnessed from 46,600 levels resisted near the 48,650 zone and with the overall bias maintained positive further move can be expected till targets of 49,000 and 49,500 levels in the coming days. The index would have 47,300 of the important 50EMA level as the near-term support zone as of now,” said Parekh.

Parekh went on to add that Nifty today has immediate support placed at 22,300 levels while the resistance is seen at 22,600 levels. The Bank Nifty would have a daily range of 47,800 to 48,600 levels.

Buy or sell stock picks by Vaishali Parekh

1] City Union Bank or CUB: Buy at ₹160.25, target ₹170, stop loss ₹156;

2] Pidilite Industries: Buy at ₹2982, target ₹3120, stop loss ₹2920; and

3] Godrej Properties: Buy at ₹2635, target ₹2760, stop loss ₹2580.

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: 29 Apr 2024, 06:53 AM IST