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

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Intraday trading tips for Monday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has breached the psychological 22,200 barrier and the 50-stock index is now well set to touch the 22,500 mark. The Prabhudas Lilladher expert went on to add that the overall market trend is positive and predicted that the current bull trend may pull the Nifty 50 index up to the 22,800 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — GMR Infra, National Aluminium Company (NALCO), and Sula Vineyards.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty witnessed a strong pick-up from the morning session to gain strength as the day progressed and sustained above the 22,200 zone to hit once again the all-time high of 22,419 level to end on a strong note. The index is once again in a strong uptrend with next targets of 22,500 and 22,800 levels expected in the coming days.”

“Bank Nifty finally witnessed a strong bullish candle on the daily chart to recover from the 50EMA zone of 46,250 level to close on a strong note near 47,300 levels with sentiment much improved expecting for further rise. The index would have the next targets of 48,400 and 49,700 levels, respectively with near-term support maintained near the 46,200 zone,” said Parekh.

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Parekh went on to add that Nifty today has immediate support placed at the 22,200 level while the resistance would be seen at the 22,500 mark. Bank Nifty would have a daily range of 46,800 to 48,000 levels.

Stocks to buy today

1] GMR Infra: Buy at ₹85.80, target ₹91, stop loss ₹83.50;

2] NALCO: Buy at ₹165.80, target ₹174, stop loss ₹161; and

3] Sula Vineyards: Buy at ₹557, target ₹580, stop loss ₹545.

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: 04 Mar 2024, 07:01 AM IST