Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th July
Buy or sell stocks for today: Following weak global market sentiments, Indian stock market trade mixed on Wednesday session as one out of the three key benchmark indices ended green while rest two closed in the red territory. Market valuation of all listed firms on the BSE hit a lifetime high of ₹300 lakh crore for the first time on the previous session. NSE Nifty finished 9 points higher at 19,398 whereas BSE Sensex went off 33 points and closed at 65,446 levels. Bank Nifty index lost 149 points and ended at 45,151 mark.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment is positive and Nifty today has immediate support placed at 19,300 levels. Prabhudas Lilladher maintained that Nifty 50 target of 19,800 to 19,900 is still intact. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Torrent Power, RCF and TVS Motor.
On outlook for Nifty today, Vaishali Parekh said, “Nifty for the 2nd session has resisted near 19,400 zone with frontline stocks witnessing some breather while mid-cap and small-cap stocks again has shown active participation with momentum picking up and anticipating for further upward move. With the overall bias still maintained strong, we maintain the support zone near 19,300 levels whereas the upside target remains intact at 19,800 to 19,900 levels with the broader markets showing strength for further rise.”
“Bank Nifty, for the 2nd session witnessed stagnant movement near 45150-45300 zone with frontline banking stocks like HDFC Bank shedding some gains and others witnessing a sluggish move for most part of the session. The levels for the index remain intact with near-term support at around 44600 levels while on the upside has potential to go further till 46200-46400 zone,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 19,550 levels. Bank Nifty would have the daily range of 44,800 to 45,500 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out important details in regard to those day trading stocks:
1] Torrent Power: Buy at ₹609, target ₹637, stop loss ₹600;
2] RCF: Buy at ₹116, target ₹120, stop loss ₹113; and
3] TVS Motor: Buy at ₹1319, target ₹1380, stop loss ₹1300.
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: 06 Jul 2023, 06:38 AM IST
