Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 7
Buy or sell stocks for today: Following strong global market sentiments on strong Q3 earnings and stimulus buzz in China, the Indian stock market ended higher on Tuesday. The Nifty 50 index shot up 157 points and closed at 21,929 level, the BSE Sensex surged 454 points and finished at 72,186 mark whereas the Bank nifty index ended 134 points lower at 45,690 level.
The broader market too ended in the green with Mid-cap100/Small-cap100 up 1.2%/0.8%. Baring Banks and FMCG, all sectors ended with gains. Oil & Gas and IT were top gainers up 3%.
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Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall stock market bias is positive. The Prabhudas Lilladher expert went on to add that the market trend has improved after the participation of the broad market in Tuesday’s rally. However, she maintained that a fresh bull trend can be assumed only after the decisive breach of the 22,000 hurdle by the Nifty 50 index.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Suven Life Sciences, Coforge, and India Cements.
Stock market today
On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty after opening near the 21,800 level slowly and gradually gained momentum to end near the 21,900 zone with bias maintained positive and sentiment getting better with the broader markets actively participating. The index has got a crucial resistance barrier near the 22,000 zone while 21,500 has been maintained as the important support zone which needs to be sustained from here on.”
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“Bank Nifty witnessed a sluggish rangebound movement throughout the session to end marginally in the red near the 45,700 zone with overall bias precariously placed and would need to wait and watch for the outcome of the RBI policy which is due in the coming session. The index needs to close above the 46,500 zones to establish some conviction and thereafter expect a further rise in the coming sessions,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 21,800 while the resistance is seen at 22,100. Bank Nifty would have a daily range of 45,300 to 46,200 levels.
Stocks to buy today
1] Suven Life Sciences: Buy at ₹112, target ₹118, stop loss ₹109;
2] Coforge: Buy at ₹6560, target ₹6740, stop loss ₹6460; and
3] India Cements: Buy at ₹241, target ₹254, stop loss ₹236.
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: 07 Feb 2024, 06:12 AM IST
