Buy or sell: Vaishali Parekh recommends buying in 3 stocks today — 5 July
The record-setting spree of the Indian market continued on Tuesday as the frontline indices the Sensex and the Nifty settled at their record closing highs for the fourth consecutive session. The Indian market has been on an upward trajectory on robust foreign capital inflow amid the country’s bright macroeconomic outlook.
Sensex opened at 65,503.85 against the previous close of 65,205.05 and hit its fresh record high of 65,672.97 in intraday trade before ending 274 points, or 0.42 per cent, higher at 65,479.05. Nifty closed with a gain of 66 points, or 0.34 per cent, at 19,389 after hitting its record high of 19,434.15 in intraday trade.
It was the fifth consecutive session of gains for Sensex whereas for Nifty it was the sixth consecutive session of gains.
Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s session:
“Nifty after the decent gains witnessed in the last 4 sessions was subjected to some volatility resisting near 19430 zone with some mixed trend overall to form a Doji candle on the daily chart but closed in the green gaining some odd 66 points. The index has the near-term support at around 19250 levels with the major crucial support lying near 18900-19000 zone whereas on the upside the initial targets is set around 19800-19900 levels,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.
“BankNifty, also after the decent rise from 43700 zone, has witnessed some fluctuations forming a Doji pattern on the daily chart finding resistance near 45650 zone but with overall bias maintained positive has still further upside potential in the coming sessions. The index has the near-term support near 44600 levels while on the upside has potential to go further till 46200-46400 zone. The support for the day is seen at 19300 levels while the resistance is seen at 19550 levels. BankNifty would have the daily range of 45000-45700 levels,” she added.
Parekh recommends buying the following stocks:
Buy Federal Bank at 132 with a stop loss 130 and a target price of 137
Buy Century Text at 878 with a stop loss 867 and target price of 910
Buy AU Bank at 777 with a stop loss 768 and target price of 804
Nifty Spot Index
Support – 19300/19250
Resistance – 19550/19600
Bank Nifty Spot Index
Support – 45000/44950
Resistance – 45700/45750
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Updated: 05 Jul 2023, 06:29 AM IST
