Buy or sell: Vaishali Parekh recommends three stocks to buy today — 2nd June
Buy or sell stocks for today: Following mixed Asian stock market cues, Indian stock market ended lower for second straight session on Thursday. NSE Nifty lost 46 points and closed at 18,487 levels, BSE Sensex went down 193 points and ended at 62,428 mark while Bank Nifty index corrected 337 points and finished at 43,790 levels. However, buying in broad market continues as small-cap index surged 0.61 per cent and mid-cap index added 0.11 per cent on Thursday session. Advance decline ratio remained positive at 1.63:1.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that traders should remain cautious after Nifty ending below 18,500 levels. Prabhudas Lilladher expert went on to add that Nifty has immediate support now placed at 18,400 levels, which is below its recent swing high level placed at around 18,460. She said that the 50-stock index needs to breach its hurdle placed at 18,600 to 18,650 levels to retest its current peak. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are M&M Finance, Graphite India and Mahindra CIE.
On outlook for Nifty today, Vaishali Parekh said, “Nifty has once again ended in the red for the second session slightly slipping down with profit booking witnessed and has closed just below the 18,500 zone with slightly weak bias as of now. The zone around 18,400 is the near-term support zone and upside now needs to breach above the 18,600 to 18,650 zone decisively to continue with the uptrend and retest the previous peak levels.”
“Bank Nifty in comparison with the Nifty index witnessed some heavy profit booking with major banking stocks slipping further taking the index below the 44,000 zone and closing in the red for the second consecutive session. For the bias to improve, the index need to cross 44,400 zone decisively to carry on the momentum still further,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 18,400 levels while the resistance is seen at 18,650 levels. Bank Nifty would have the daily range of 43,500 to 44,200 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] M&M Finance: Buy at ₹294, target ₹307, stop loss ₹289;
2] Graphite India: Buy at ₹335, target ₹347, stop loss ₹330; and
3] Mahindra CIE: Buy at ₹461, target ₹482, stop loss ₹452.
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: 02 Jun 2023, 06:48 AM IST
