Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 3
Buy or sell stocks for today: After showing one day of sustainable upside bounce on Wednesday, Indian stock market once again drifted into the negative zone on Thursday. 50-stock Nifty index went down 129 points and closed at 17,321, 30-stock BSE Sensex finished 501 points lower at 58,909 while Bank Nifty index ended 308 points down at 40,389 levels. In broad markets, small-cap index went off 0.22 per cent whereas mid-cap index lost 0.13 per cent on Thursday session. So, broad markets fell lesser than key benchmark indices but advance decline ratio fell to 0.75:1.
Intraday trading strategy
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty needs to breach and sustain above its hurdle placed at 17,400 to establish some positive conviction on Dalal Street. Prabhudas Lilladher said that support for Nifty is placed at 17,200 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three shares are Voltas, Hero Motocorp and Torrent Power.
On outlook for Nifty today, Vaishali Parekh said, “Nifty fizzled out with all the gains witnessed in the previous session and slipped back to the 17,300 zone with sentiment still remaining cautious and uncertainty still looming in the minds of the market players. The index needs to cross decisively the level of 17,400 to establish some conviction and on the downside 17,200 remains as the near-term support zone as of now.”
Prabhudas Lilladher expert went on to add that Bank Nifty also wiped off the gains seen a day before resisting near the 40,700 zone and making a lower top formation on the daily chart which is not a good sign. On the downside, 39,800 level remains the important support zone in the near-term time frame and on the upside needs to clear above the 41,400 zone decisively to establish some conviction.
“The support for NSE Nifty is seen at 17,200 while the resistance is seen at 17,450 levels. Bank Nifty would have the daily range of 39,800 to 40,850 levels,” said Parekh.
Stocks to buy today
As mentioned earlier, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares for intraday trading:
1] Voltas: Buy at ₹918, target ₹954, stop loss ₹902;
2] Hero Motocorp: Buy at ₹2463, target ₹2560, stop loss ₹2400; and
3] Torrent Power: Buy at ₹515, target ₹530, stop loss ₹506.
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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