Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 19
Buy or sell stocks for today: Despite rally in global markets on expected deal to raise the US debt ceiling, Indian stock market closed lower on third day in a row. NSE Nifty ended 51 points lower at 18,129 levels, BSE Sensex corrected 128 points and finished at 61,431 mark whereas Bank Nifty index gained 53 points and closed at 43,752 levels. In broad market, mid-cap index nosedived 0.67 per cent whereas small-cap index went off 0.26 per cent.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has major support placed at 18,000 to 17,900 zone. Prabhudas Lilladher expert went on to add that Bank Nifty today has major support placed at 43,300 mark and a decisive breach of this support may lead to further decline towards 42,250 levels. On stocks to buy today, Vaishali Parekh recommended three day trading stocks for today and those three intraday stocks are NAVA, LT Foods and Himatsingka Seide.
On outlook for Nifty today, Vaishali Parekh said, “Nifty in the morning session made an attempt to breach 18,300 zone but failed to do so and with profit booking witnessed again slipped down to close in the red just below 18,150 levels. With further slide witnessed, the index currently has got the next major support zone near 17,900 zone with 18,000 as the psychological level in-between.”
“Bank Nifty also found resistance near the 44,100 zone and slipped down during the intraday session to close marginally in the green near 43,700 zone. A decisive breach below 43,300 zone shall weaken the bias and can anticipate for further slide in the coming days with next major support zone visible near 42,500 levels,” said Parekh.
Parekh went on to add that support for Nifty today is placed at 18,000 levels while the resistance is seen at 18,300 levels. Bank Nifty would have the daily range of 43,300 to 44,100 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out important details in regard to those intraday stocks for today:
1] NAVA: Buy at ₹248.50, target ₹257, stop loss ₹244;
2] LT Foods: Buy at ₹115.50, target ₹120, stop loss ₹113; and
3] Himatsingka Seide: Buy at ₹90.30, target ₹94, stop loss ₹89.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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