Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 25
Buy or sell stocks for today: After a cautious opening, the Indian stock market witnessed a sharp recovery in the second half and ended higher on Wednesday. The Nifty 50 index finished 215 points higher at the 21,453 level, the BSE Sensex surged 689 points and closed at the 71,060 mark while Bank Nifty ended 67 points higher at the 45,082 level.
After witnessing a sharp fall on Tuesday, the Nifty Mid-cap 100 and the Small-cap 100 Indices recouped some of the losses where they gained by 1.80% and 1.70% respectively. Advancing shares outnumbered the declining shares as the advance-decline ratio stood at 1.83 on BSE.
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Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market sentiment has improved after the pullback rally on Wednesday. The Prabhudas Lilladher expert maintained that the Nifty 50 index has managed to sustain above its crucial 21,100 support level but the 50-stock index may face a hurdle at 21,500 and 21,750 levels. Vaishali Parekh went on to add that for a fresh uptrend on Dalal Street, the Nifty 50 index needs to breach this hurdle on a closing basis.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Bharat Forge, LIC Housing Finance, and Tata Steel.
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Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty opened near the low of the significant 50EMA level of 21,100 zones from where it bounced back and amid some volatility indicated a decent pullback to close on a positive note near 21,450 levels improving the sentiment drastically. Volatility can be anticipated with the index having the next hurdles at the 21,500 and 21,750 zone which needs to be breached for the trend to improve and expect further rise in the coming days.”
On the outlook for the Bank Nifty today, Vaishali Parekh said, “Bank Nifty also maintained the support near the important 200 period MA of 44,600 zone during the intraday session and managed to close marginally in the green with some pullback witnessed in the last hours of the session. The index would have the crucial hurdle at the 46,300 zone of the significant 50EMA level and would need a decisive breach above that zone for the bias to improve.”
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Parekh went on to add that immediate support for Nifty today is placed at 21,300 while the resistance would be at 21,600 level. The Bank Nifty would have a daily range of 44,700 to 45,600 levels.
Stocks to buy today
1] Bharat Forge: Buy at ₹1214.40, target ₹1265, stop loss ₹1195;
2] LIC Housing Finance: Buy at ₹577.40, target ₹600, stop loss ₹568; and
3] Tata Steel: Buy at ₹132.30, target ₹141, stop loss ₹129.
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.o R R
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Published: 25 Jan 2024, 06:48 AM IST
