Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 15
Buy or sell stocks: After a worst selloff in the previous session, the Indian stock market witnessed some recovery on Thursday. The Nifty 50 index gained 148 points and finished at 22,146 level, the BSE Sensex shot up 335 points and ended at 73,097 level whereas the Bank Nifty index lost 191 points and closed at 46,789 mark. In the broad market, the small-cap index shot up 3.11 percent while the mid-cap index scaled 2.28 percent. Sectorwise except for banking stocks and financial services rest of the counters were in the green with metals, IT, media, energy, and infra among the major gainers. The market breadth was strong with the advance-decline indicating a ratio of 4:1 at close.
Intraday trading tips for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index witnessed some pullback rally on Thursday. However, the Prabhudas Lilladher expert maintained that the pullback shall gain strength once the Nifty 50 index breaches the hurdle placed at 22,300 decisively. Vaishali Parekh said that a decisive move above 47,300 is necessary to improve the bias for the Bank Nifty index. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today — Havells India, Wipro, and Indian Hotels Company.
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index after tanking heavily with a bearish candle formation, witnessed some recovery to once again move above the 22,000 zone with the 50EMA level of 21,850 acting as a support zone for the index. The pullback shall gain strength once a decisive move past the 22,300 zone is confirmed to anticipate for further upward move in the coming days.”
“The Bank Nifty index also halted the slide near the significant 50EMA level of 46,600 zone and remained sluggish failing to sustain above the 47,000 levels during the intraday session. A decisive move past 47,300 levels is necessary to improve the bias to some extent and thereafter, anticipate further rise,” said Parekh.
Parekh went on to add that the immediate support for Nifty today is placed at the 22,000 level while the resistance would be seen at the 22,300 mark. The Bank Nifty index would have a daily range of 46,300 to 47,300 levels.
Stocks to buy today
1] Havells India: Buy in ₹1505 to ₹1515 range, target ₹1580, stop loss ₹1480;
2] Wipro: Buy in ₹517 to ₹518 range, target ₹544, stop loss ₹505; and
3] Indian Hotels Company: Buy at ₹565.35, target ₹595, stop loss ₹553.
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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 15 Mar 2024, 06:59 AM IST
