Buy or sell: Gift Nifty signals muted start | Vaishali Parekh recommends three stocks to buy today

Top 3 stocks to buy today: The key benchmark indices of the Indian stock market are likely to open the session on a cautious note, as elevated crude oil prices and escalating tensions in the Middle East continue to overshadow otherwise supportive regional cues. Although GIFT Nifty, trading around 23,950 against the Nifty's previous close of 23,897.70, points to a flat start, investors are expected to remain reluctant to build aggressive positions as geopolitical risks continue to cloud the near-term outlook.

Gift Nifty live chart signals flat-to-negative bias

The Gift Nifty live chart is oscillating around 23,950, just above Friday's spot Nifty 50 close of 23,897. However, the index is trading below its Friday's close of 24,010.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market may have a flat-to-negative start on Monday as the Gift Nifty live chart is trading below its previous close, but slightly above Friday's spot Nifty close.

Stock market today

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said the 50-stock index once again witnessed a narrow-range movement, finding resistance near the 24,000 level and closing with some profit booking near the 23,900 zone, with bias and sentiment maintained in a very cautious approach.

“Nifty's important and crucial support of 23,800 level is under threat, and the index hovering just below the 100-period MA of 24,000 level would need a significant positive move to move past the 50-EMA level at 24,200 zone to improve the bias and thereafter, establish conviction to continue with the upward move,” said Parekh.

On the outlook of the Bank Nifty today, the Prabhudas Lilladher expert said, the key benchmark index, once again with a lull session, continues to remain stagnant near the important 200-period MA at the 57,500 zone with the major and crucial support positioned near the 100-period MA at the 56,500 level, which needs to be sustained to maintain the trend intact.

“On the upside, the 58,000 zone continues to be the tough resistance hurdle which desperately needs to be conquered to trigger a breakout and thereafter, expect a fresh further upward move,” said Parekh.

Vaishali Parekh's stock recommendations for today

Regarding the buy or sell indicator for Monday, Vaishal Parekh recommended three stocks to buy today: TD Power Systems, Vikran Engineering, and Greenply Industries.

1] TD Power Systems: Buy at ₹730 | Target ₹760 | Stop Loss ₹720;

2] Vikran Engineering: Buy at ₹59 | Target ₹63 | Stop Loss ₹57; and

3] Greenply Industries: Buy at ₹303 | Target ₹320 | Stop Loss ₹294.

Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.