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

Intraday trading tips for Indian stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment is positive and recent sell-off should be seen as a profit-booking. The Prabhudas Lilladher expert maintained that crucial support for the 50-stock index is placed at 22,000 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Mahindra Holidays and Resorts India Ltd or MHRIL, Poonawalla Fincorp, and Tata Communications.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index after making the new high near 22,300 zones took a breather and with some cooling off witnessed, it has slipped to close near 22,100 levels with 22,000 zones maintained as the psychological and important support from current levels. The overall bias is maintained strong and with some revival expected, the index would once again regain strength to carry on the upward move for next targets of 22,400 and 22,800 levels.”

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“The Bank Nifty index as compared to the Nifty 50 index is witnessing sluggishness and with near-term support maintained near the 50EMA level of 46,200 zones, it would need to breach above the 47,300 band to trigger for fresh upward move,” said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at the 22,000 level while the resistance would be seen at the 22,250 level. Bank Nifty would have a daily range of 46,300 to 47,000 levels.

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Stocks to buy today

1] MHRIL: Buy at ₹431.90, target ₹447, stop loss ₹423;

2] Poonawalla Fincorp: Buy at ₹473, target ₹490, stop loss ₹464; and

3] Tata Communications: Buy at ₹1870, target ₹1935, stop loss ₹1835.

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: 27 Feb 2024, 06:45 AM IST