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 the Nifty 50 index is facing a hurdle at 23,400. The 50-stock index needs a decisive breach above this resistance zone to trigger a fresh bull trend on Dalal Street. The Prabhudas Lilladher expert said that the 50-stock index may touch 23,800 in the near term after breaching the 23,400 hurdle on a closing basis.

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For intraday trading on Wednesday, Vaishali Parekh from Prabhudas Lilladher has recommended three stocks that could potentially yield profitable returns: Can Fin Homes, Indian Oil Corporation or IOC, and M&M Finance.

Stock market today

Discussing the outlook for the Nifty 50 index, Vaishali Parekh emphasized, “The Nifty 50 index has been facing resistance near the 23,400 zone, which is proving to be a significant barrier. A decisive breach above this zone could potentially trigger a fresh upward move in the coming days. As we have previously mentioned, the next target would be near the 23,800 zone, with 22,800 levels maintained as the crucial support level.”

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“The Bank Nifty has consolidated near the 49,800 zone with bias maintained positive, and a decisive breach above 50,700 would further strengthen the trend and expect further rise with 52,800 and 53,500 levels visible as the next targets,” said Parekh.

Parekh went on to add that the Nifty today has immediate resistance at 23,100, while the resistance would be seen at 23,400. The Bank Nifty would have a daily range of 49,300 to 50,200.

Vaishali Parekh’s stock recommendations today

1] Can Fin Homes: Buy at ₹790.70, target ₹825, stop loss ₹774;

2] IOC: Buy at ₹167.65, target ₹175, stop loss ₹164; and

3] M&M Finance: Buy at ₹290.70, target ₹304, stop loss ₹284.

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 Jun 2024, 06:42 AM IST