Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 9
Buy or sell stocks for today: Following strong global cues on ease in US dollar index, Indian stock market ended higher on second day in a row on Friday last week. Nifty 50 index gained 107 points and closed at 19,653 levels, BSE Sensex shot up 364 points and ended at 65,995 mark whereas Bank Nifty index finished 147 points higher at 44,360 levels. In broad market, small-cap index small-cap index advanced 0.56 per cent while mid-cap index shot up 0.66 per cent in previous session.
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Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments have improved after participatory rally on Friday. Prabhudas Lilladher expert went on to add that for fresh set of uptrend, Nifty 50 needs to breach the hurdle placed at 19,850 on closing basis. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are City Union Bank or CUB, Trident and TAJ GVK Hotels and Resorts.
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Nifty 50 in stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty further extended the gains post the RBI policy outcome to close above the 19,650 zone gradually improving the bias with participation beginning to be visible from the broader markets as well. The index would further need to breach above the next hurdle of 19,850 levels to establish some conviction for further rise in the coming days.”
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“Bank Nifty during the intraday session tried to recover post the RBI policy outcome but failed to sustain above the 44,500 zone and underperformed as compared to the Nifty index closing near 44,350 levels. As said earlier, on the upside, a decisive breach above the 44,800 zone of the important 50EMA level is necessary to improve the bias and overall improve the trend,” said Parekh.
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Parekh went on to add that immediate support for Nifty today is placed at 19,550 levels while the resistance is seen at 19,800 levels. Bank Nifty would have the daily range of 44,000 to 44,800 levels.
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Stocks to buy today
1] City Union Bank or CUB: Buy at ₹128.90, target ₹137, stop loss ₹126;
2] Trident: Buy at ₹38.50, target ₹43, stop loss ₹37; and
3] TAJ GVK Hotels and Resorts: Buy at ₹242.45, target ₹260, stop loss ₹238.
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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Updated: 09 Oct 2023, 06:47 AM IST
