Buy or sell: Vaishali Parekh recommends buying these stocks today – January 10
The 30-share BSE Sensex ended slightly higher by 30.99 points, or 0.04%, at 71,386.21, after rising sharply during the day. The Nifty 50 ended the day 31.85 points, or 0.15%, higher at 21,544.85.
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The BSE smallcap gauge rose 0.37% and the midcap index increased 0.07% in the broader market.
Also Read: Stock market today: Nifty 50, Sensex end flat; BSE Smallcap hits fresh all-time high
Among the sectoral indices, realty surged 2.52%, power rose 1.1%, autos jumped 1.02%, healthcare rose 0.90%, capital goods jumped 0.89%, and consumer discretionary rose 0.68%.
Conversely, the loser sectors were consumer durables, bankex, telecommunication, and FMCG.
“Positive sentiments in the Indian IT sector fuelled by a US tech rally and demand on emerging technologies, overshadowed the anticipated muted Q3 results of the sector. Auto & realty continued to remain favourites on account of strong demand. Market optimism about potential softening of US inflation is driving expectations of near-term rate cuts, bolstering overall sentiment. But in-between profit booking is emerging due to mixed cues from Asian markets as well high valuation concerns,” said Vinod Nair, Head of Research, Geojit Financial Services.
Also Read: Stocks to Watch: M&M, Lupin, Delta Corp, PFC, Steel Strips Wheels, KIOCL
Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s session:
Nifty 50 daily range 21,400-21,700
Parekh said Nifty 50 has been hovering between a tight range for some time with bias maintained positive and, as said earlier, needs to breach the 21,700–21,750 zone decisively to indicate a fresh breakout for further upward move. At the same time, the 21,450 levels, where 20 DMA lies, are acting as a strong support zone as of now. With a break below 20 DMA, the next support is at the 21,250 level.
Bank Nifty also has the overall sentiment and bias intact and needs to breach the 48000–48200 zone decisively for a fresh further upside move, with currently 46300 levels maintained as a good support zone, according to Parekh.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on 10th January
“However, the support for the day is seen at 70,900/21,400, while the resistance is seen at 71,800/21,700. Bank Nifty would have a daily range of 46,800–47,800 levels,” said Parekh.
Vaishali recommends buying the following stocks:
Buy DCX Systems Ltd at ₹351.05 with a stoploss of ₹340 and a target price of ₹375.
Buy Laurus Labs Ltd at ₹424.85 with a stop loss of ₹410 and a target price of ₹460.
Buy TD Power Systems Ltd at ₹282.55 with a stop loss of ₹275 and a target price of ₹300.
Nifty Spot Index
Support – 21,400/21,450
Resistance – 21,750/21,800
Bank Nifty Spot Index
Support – 46,800/46,900
Resistance – 47,800/48,000
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: 10 Jan 2024, 07:40 AM IST
