Buy or sell: Vaishali Parekh recommends three stocks to buy today — 20th June
Buy or sell stocks for today: Following weak global cues as investors were left disappointed by a lack of policy announcements from China post a State Council meeting, Indian stock market ended lower after gap up opening. NSE Nifty ended 70 points lower at 18,755 levels after missing to hit life-time high by 6 points during morning deals on Monday. Likewise, BSE Sensex missed to climb a new peak by 9 points and finished 216 points lower at 63,168 mark. Bank Nifty corrected 304 points and closed at 43,633 levels. Small-cap index ended marginally in the positive even as the advance decline ratio fell to 0.85:1.
Intraday trading tips for stock market today
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher believes that Nifty is finding strong resistance at 18,900 levels whereas it is finding immediate support at 18,650. However, Prabhudas Lilladher expert maintained that strong support for Nifty today is placed at 18,450 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Cochin Shipyard, REC and Bank of Baroda.
On outlook for Nifty today, Vaishali Parekh said, “Nifty just almost reaching the all-time high peak zone in the morning session, finding resistance witnessed heavy profit booking and slipped to touch the intraday low of 18,720 levels and ended the session near 18,750 zone. The index has got the near-term support of 18,670 levels whereas the major support lies near 18,450 zone.”
“Bank Nifty once again slipped below the 44000 zone to almost tough 43,500 levels during the intraday session with Kotak Bank, Axis Bank and ICICI Bank shedding their gains to drag the index down. With further profit booking anticipated, the index has the near-term support of 42,800 levels with the significant 50EMA level lying near 43,300 zone,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 18,650 while the resistance is seen at 18,900 levels. Bank Nifty would have the daily range of 43,200 to 44,400 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Cochin Shipyard: Buy at ₹592, target ₹620, stop loss ₹581;
2] REC: Buy at ₹153.50, target ₹158, stop loss ₹151; and
3] Bank of Baroda: Buy at ₹193.50, target ₹201, stop loss ₹191.
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: 20 Jun 2023, 06:37 AM IST
