Buy or sell: Vaishali Parekh recommends buying in 3 stocks today — 17 May

Sensex opened 128 points higher at 62,474.11 but fell 498 points in intraday trade on profit booking, in the absence of any positive trigger, before closing with a loss of 413 points, or 0.66 per cent, at 61,932.47 while the Nifty closed at 18,286.50, down 112 points, or 0.61 per cent.

Nifty Bank index ended 0.38 per cent down at 43,903.70. Barring Nifty PSU Bank (up 0.72 per cent), IT (up 0.18 per cent) and Consumer Durables (0.02 per cent), all sectoral indices ended in the red, with Media (down 1.38 per cent) falling the most.

Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s session:

She said, Nifty found resistance near the 18400 zone and slipped with profit booking witnessed to close in the red near 18300 with some of the frontline stocks cooling shedding their gains. 

“The 18200 level would be the crucial support zone and upside now 18450 has become the resistance barrier which need to be breached to carry on the upward journey ahead. BankNifty also witnessed a halt near the peak zone of 44150 and taking a breather with some profit booking witnessed ended below the 44000 zone near 43900 levels. The index has the important support zone near 43700 levels breaching which the short-term bias can turn negative. The support for the day is seen at 18200 levels while the resistance is seen at 18400 levels. BankNifty would have the daily range of 43500-44300 levels,” she added.

Parekh recommends buying the following stocks:

Buy Exide Industries at 194.50 with a stop loss 190 and a target price of 205

Buy UBL at 1448 with a stop loss 1425 and target price of 1505

Buy DCAL at 129.50 with a stop loss 135 and target 127

Nifty Spot Index

Support – 18200/18150

Resistance – 18400/18450

Bank Nifty Spot Index

Support – 43500/43450

Resistance – 44300/44350