Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 13
Nifty 50 opened at 22,334.45 and rose to an intraday high before closing three points higher at 22,335.70. The 30-share BSE Sensex opened at 73,516.42 and touched its intraday high before closing 165 points, or 0.22 per cent higher at 73,667.96. In the broader market, the BSE smallcap cracked 2.11 per cent and the midcap index fell 1.31 per cent.
The domestic market witnessed a sell-off on March 12 with the large-cap indices managing only marginal gains while most sectoral indices closed in negative territory, reflecting an overall cautious market sentiment. Post market hours, government data revealed that India’s retail inflation eased to a four-month low at 5.9 per cent in February.
In global markets, US inflation rose again in February with consumer prices rising 0.4 per cent from January and 3.2 per cent year-on-year, reiterating the challenge for Jerome Powell-led US Federal Reserve to achieve its two per cent inflation target.
Also Read: OPEC retains demand forecast for 2024, raises economic growth projections; Brent stuck at $82/bbl
Intraday trading tips for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that the Nifty 50 overall is hovering between the range of 22,200 and 22,500 levels with a cautious approach, and one needs to wait and watch for further developments to establish some clarity and conviction about the trend.
The Prabhudas Lilladher expert added that Bank Nifty also failed to move past the important level of 47,800, which is acting as a tough resistance from the last two sessions. She claims that it has been witnessing profit booking, which further slipped Bank Nifty down to close near the 47,300 zone.
Coming to prominent stocks that investors can buy, Vaishali Parekh recommended three intraday stocks for today —HEG Limited, Bharat Petroleum Corp Ltd (BPCL), and Tata Communications.
Stock market today
On the outlook for the Nifty 50′ s performance today, Vaishali Parekh said, ‘’Nifty 50 has been showing resistance near the 22,450 zone and witnessing a slide with support maintained near the level of 22,250, thereby overall having a range-bound movement for the time being.”
Parekh added that the support for the day is seen at 73,200/22,200, while the resistance is seen at 74,100/22,500. Bank Nifty would have a daily range of 46,800–47,800 levels.
Nifty Spot Index
Support – 22,,200
Resistance – 22500
Bank Nifty Spot Index
Support – 46,800
Resistance – 47,800.
Also Read: How will NSE’s 1% reduction on cash equity, derivates transaction charges benefit retail investors?
Stocks to buy today
1.HEG Ltd: Buy HEG Ltd at ₹1,808.85, Target ₹1,920, Stop Loss ₹1,750
2.BPCL: Buy BPCL at ₹625.45, Target ₹660, Stop Loss ₹610
3.Tata Communications: Buy Tata Communications at ₹1,987.65, Target ₹2,120, Stop Loss ₹1,930.
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: 13 Mar 2024, 06:40 AM IST
