Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 16
Buy or sell stocks for today: Following strong global cues on cautious optimism ahead of this week’s deliberations over the US $31.4 trillion debt ceiling, Indian stock market ended higher on second day in a row. NSE Nifty gained 84 points and closed at 18,398 whereas BSE Sensex shot up 317 points and closed at 62,345 levels. Bank Nifty index climbed to a new peak of 44,151.80 but the banking index finally settled 278 points higher at 44,072 levels. Broad market indices rose in line with the Nifty even as the advance decline ratio was positive at 1.24:1. Both mid-cap and small-cap index went up to the tune of near 0.50 per cent on Monday session.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty ending above 18,350 levels indicates further strong upside movement. Prabhudas Lilladher expert went on to add that Bank Nifty closing above the psychological 44,000 levels indicate further extension of the positive movement. On intraday stocks for today, Vaishali Parekh recommended three stocks to buy today and those three day trading stocks are Bank of Baroda, GNFC and BEML.
On outlook for Nifty today, Vaishali Parekh said, “Nifty has moved further strongly above the 18,350 barrier zone to indicate strength and further rise is anticipated in the coming days with support strong near 18,200 zone. Most of the major frontline stocks like RIL, ICICI Bank, ITC, L&T, Infosys and M&M has supported the index to surge ahead with bias remaining positive.”
“Bank Nifty also has gradually moved past the psychological 44,000 zone and indicating a strong closing has prominent strength to carry on the momentum still further ahead. As said earlier, the near-term support lies strong at around 43,700 zone and it has retested the previous peak zone, a decisive move above which a fresh upward journey would be triggered with 45,400 levels as the initial target,” said Parekh.
Parekh went on to add that support for Nifty is placed at 18,250 levels while the resistance is seen at 18,550 levels. Bank Nifty would have the daily range of 43,700-44,500 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] Bank of Baroda: Buy at ₹183.50, target ₹192, stop loss ₹180;
2] GNFC: Buy at ₹635, target ₹660, stop loss ₹625; and
3] BEML: Buy at ₹1413, target ₹1462, stop loss ₹1590.
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 taking any investment decisions.
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