Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 24
Buy or sell stock for today: Following weak sentiments from the US stock market, Dalal Street ended its two days rally and finished in red territoryy on Thursday. Nifty 50 index ended 75 points lower at 17,076 whereas BSE Sensex shed 289 points and closed at 57,925 levels. Bank Nifty index corrected around 1 per cent and finished at 39,616 levels. In broad markets, small-cap index dipped 0.15 per cent while mid-cap index lost to the tune of 0.45 per cent. Advance decline ratio ended at 0.62:1.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Nifty is gripped in tight 16,800 to 17,200 range. Prabhudas Lilladher expert said that Nifty Bank index too closed below its 200 DEMA of 39,700 that signals weakness in banking segment. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Mahindra CIE Automotive, Maruti Suzuki and Balrampur Chini.
On outlook for Nifty today, Vaishali Parekh of Prabhudas Lilladher said, “Nifty once again witnessing strong resistance near the 17,200 zone recovering significantly after a weak opening but again slipped down in the second half to wipe out all the gains and close near 17,050 zone. The index has been gripped in a tight range between 17,200 and 16,800 levels and would need a clear breach on either side for a clear directional move conviction.”
“Bank Nifty also resisted near the 40,100 zone after the decent recovery and tanked post lunch session to close near 39,600 zone moving below the significant 200 DMA level of 39,700. A decisive breach above 40,100 is necessary to establish some conviction for further upward move improving the trend which can take the index to around 40,800-41,000 zone,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 16,950 levels while the resistance is seen at 17,200 mark. Bank Nifty would have the daily range of 39,200-40,000 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] Mahindra CIE Automotive: Buy at ₹361, target ₹379, stop loss ₹345;
2] Maruti Suzuki India Ltd or MSIL: Buy at ₹8353, target ₹8600, stop loss ₹8240; and
3] Balrampur Chini: Buy at ₹374, target ₹390, stop loss ₹368.
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 taking any investment decisions.
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