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 stock market crash on Tuesday has weakened the bias and sentiment significantly. The Prabhudas Lilladher expert said that the Nifty 50 index has crucial support placed at 21,100 while the 50-stock index has immediate support at 21,600. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended buying three buy-or-sell stocks — Max Healthcare, Apollo Hospitals, and COLPAL.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index tanked heavily to form a big bearish candle on the daily chart, crashing 8.5 percent, the highest intraday fall in the last four years, since March 23, 2020, and has weakened the bias and sentiment significantly. Currently, the index is precariously placed with the ongoing political development, which is causing uncertainty in the market. This uncertainty is likely to lead to increased volatility in the coming days, with the 200 period MA at 21,100 maintained as the crucial support zone.

“The Bank Nifty index tanking heavily indicated a huge and enormous bearish candle formation on the daily chart to touch the 200 period MA at the 46150 zone, weakening the bias, and further fluctuations and wild swings are expected in the coming sessions,” said Parekh.

Vaishali Parekh of Prabhudas Lilladher went on to add that today, the Nifty has immediate support at 21,600 levels while the resistance is seen at 22,300 levels. The Bank Nifty would have a daily range of 45,800 to 48,300, providing a clear framework for your investment decisions.

Buy or sell stocks by Vaishali Parekh

1] Max Healthcare: Buy at ₹780.75, target ₹820, stop loss ₹760;

2] Apollo Hospitals: Buy at ₹5845, target ₹6100, stop loss ₹5720; and

3] COLPAL: Buy at ₹2809, target ₹2950, stop loss ₹2750.

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: 05 Jun 2024, 06:45 AM IST