Buy or sell: Vaishali Parekh recommends three stocks to buy today — 10th July
Buy or sell stocks for today: Snapping seven days rally, Indian stock market witnessed profit booking on Friday last week. 50-stock index NSE Nifty ended 165 points lower at 19,331 levels while BSE Sensex lost 505 points and closed at 65,280 mark. Bank Nifty ended 414 points lower at 44,925 levels. In broad market, BSE small-cap index went off 0.28 per cent while mid-cap index lost 0.76 per cent.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today is facing resistance at 19,500 levels. Prabhudas Lilladher expert advised to remain cautious as Nifty has closed below the crucial 19,350 mark. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Mazagon Dock, Canara Bank and Tata Motors.
On outlook for Nifty today, Vaishali Parekh said, “Nifty once again witnessed resistance near the 19,500 zone and with heavy profit booking seen slipped down to close near the 19,350 zone with again the bias and sentiment turning into cautious approach to some extent. Once again, we maintain the near-term support zone near 19,300 levels as said earlier, whereas the upside target remains intact at 19,800 to 19,900 levels and select stocks continue to show momentum with strength.”
“Bank Nifty also witnessed profit booking after resisting near 45,400 zone and slipped to close near the low of 44,900 levels with bias turning little bit cautious. The important levels for the index as mentioned earlier, remain intact with near-term support at around 44,500 levels while on the upside has potential to go further till 46,200 to 46,400 zone if a decisive breach above 45,500 is sustained,” said Parekh
Parekh went on to add that immediate support for NSE Nifty today is placed at 19,200 while the resistance is placed at 19,450. Bank Nifty would trade in the range of 44,600 to 45,300.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Mazagon Dock: Buy at ₹1322, target ₹1367, stop loss ₹1300;
2] Canara Bank: Buy at ₹333, target ₹347, stop loss ₹327; and
3] Tata Motors: Buy at ₹618, target ₹648, stop loss ₹608.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 10 Jul 2023, 06:52 AM IST
