Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 5

Buy or sell stocks for today: Despite mixed trends from the Asian stock market, Dalal Street bounced back on Thursday after losing two days in a row. The nifty 50 index gained 141 points and closed at 21,658 levels, BSE Sensex surged 490 points and ended at the 71,847 mark whereas the Nifty Bank index finished 490 points higher at 48,195 levels. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.98:1.

Intraday trading tips for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Indian stock market bias has improved after Nifty 50 bounced back from its 21,550 support. Prabhudas Lilladher expert said that the market mood may further improve if Nifty today closes around 21,750 levels.

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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Finolex Industries, NAM India, and Tata Power.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty witnessed a U-turn with a gap-up opening and went on to rise gradually as the day progressed to end on a positive note improving the bias and sentiment once again. Another higher low formation can be confirmed if the coming session gets a positive close near the 21,750 zones to anticipate further continuation of the upward movement in the coming days.”

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“Bank Nifty witnessed a decent reversal from the low made near 47500 levels in the previous session to close on a positive note near the 48,200 zone indicating a “Morning Star” pattern on the daily chart which is a bullish sign for further upward move anticipated. The near-term target is around 49,000 levels above which it can trigger for the breakout,” said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at the 21,550 zone while the resistance is seen at the 21,800 level. Bank Nifty would have a daily range of 47,900 to 48,600 levels.

Stocks to buy today

1] Finolex Industries: Buy at 218.30, target 228, stop loss 214;

2] NAM India: Buy at 471.50, target 492, stop loss 464; and

3] Tata Power: Buy at 337.85, target 355, stop loss 332.

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 decision.

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Published: 05 Jan 2024, 06:43 AM IST

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