Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 24
Buy or sell stocks for today: Following an eventful weekend, the Indian stock market had an enthusiastic opening on Tuesday, but as the day unfolded, it came under sell-off pressure and witnessed a bearish reversal. The Nifty 50 index finished 1.54% lower at the 21,238 level, the BSE Sensex crashed 1,053 points and closed at the 70,370 mark whereas the Bank Nifty index tanked 1,043 points and ended at the 45,015 level.
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has crucial support placed at 21,100 to 21,000 levels. The Prabhudas Lilladher expert went on to add that the 50-stock index breaching below this crucial support decisively would further weaken the market bias and anticipated further intensified selling on Dalal Street.
Also Read: Dividend stocks: Wipro shares to trade ex-dividend today
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Lupin, Jyothy Labs and, Metropolis Healthcare.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty after witnessing resistance near the 21,750 zone tanked heavily with a huge bearish candle pattern on the daily chart to weaken the bias and sentiment with the overall scenario precariously placed. The index has got the next crucial support at the 21,100 level of the significant 50EMA zone and a decisive breach below the psychological level of 21,000 shall weaken the trend overall to anticipate further slide.”
“Bank Nifty plunged heavily on the back of extended losses witnessed in HDFC Bank, Axis, and Kotak Bank to breach below the important 100 period MA with the trend turning weak further. The index would have the next significant zone of 46600 levels of the 200 period MA which if breached would turn bearish with the next major support at 43600 levels,” said Parekh.
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Parekh went on to add that the immediate support for Nifty today is placed at the 21,100 mark whereas the resistance is seen at the 21,400 level. Bank Nifty would have a daily range of 44,500 to 45,500 levels.
Stocks to buy today
1] Lupin: Buy at ₹1439.25, target ₹1490, stop loss ₹1415;
2] Jyothy Labs: Buy at ₹530.70, target ₹555, stop loss ₹520; and
3] Metropolis Healthcare: Buy at ₹1597, target ₹1650, stop loss ₹1575.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 24 Jan 2024, 06:47 AM IST
