Buy or sell on Budget 2024 date: Vaishali Parekh recommends three stocks to buy today — February 1

  • Buy or sell stocks: On the Budget 2024 date, Vaishali Parekh has recommended three stocks to buy today — Man Industries, Arvind Fashion, and Godrej Agrovet

Asit Manohar
Updated1 Feb 2024, 07:09 AM IST
Stock market today: The Nifty 50 index has immediate support placed at 21,600 whereas the 50-stock index is facing resistance at the 21,750 level, believes Vaishali Parekh of Prabhudas Lilladher.
Stock market today: The Nifty 50 index has immediate support placed at 21,600 whereas the 50-stock index is facing resistance at the 21,750 level, believes Vaishali Parekh of Prabhudas Lilladher.(Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Ahead of the budget 2024 date and the US Fed meeting outcome, the Indian stock market ended higher on Wednesday. The Nifty 50 index ended 203 points higher at the 21,725 level, the BSE Sensex gained 612 points and closed at the 71,752 mark while the Bank Nifty index shot up 629 points and closed at the 45,996 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose sharply to 2.14:1.

Intraday trading tips for stock market today

Vaishali Parekah, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index witnessed a sharp bounce back on Wednesday but the 50-stock index is still near the resistance zone. The Prabhudas Lilladher expert maintained that Dalal Street may witness a volatile session during the opening bell on the Budget 2024 date as the Nifty 50 index is facing a strong hurdle at the 21,750 mark. Vaishali Parekh said that the Indian stock market may become highly bullish once it decisively breaches the immediate hurdle placed at the 21,750 level.

Also Read: Dividend 2024: Shares of CESC, Route Mobile, Havells India, Puravankara, 3 others to trade ex-dividend today

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Man Industries, Arvind Fashion, and Godrej Agrovet.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty witnessed a great bounce back after the weak opening session and extended the gains further as the day progressed to find resistance once again near the 21,750 zone but ended the session on a positive note. Volatility is much expected with the index desperately requiring a decisive breach above the tough resistance barrier of the 21,750 zones to trigger a breakout and anticipate a further rise in the coming days."

Also Read: Stock market today: SAIL, ZEEL shares placed under F&O ban list on Budget 2024 date

On the outlook for the Bank Nifty today, Parekh said, "Bank Nifty witnessed a decent spurt from the 45,000 zone to touch 46,000 level in the morning session with bias improving and anticipating for further rise in the coming session with sentiment getting better. The index after a decisive breach above the important hurdle of 46,300 zones of the significant 50EMA level is confirmed, then some conviction can be established to anticipate a further upward move in the coming sessions."

Parekh went on to add that immediate support for Nifty today is placed at 21,600 while the resistance would be at 21,900. Bank Nifty would have a daily range of 45,600 to 46,600 levels.

Stocks to buy today

1] Man Industries: Buy at 437.10, target 456, stop loss 430;

2] Arvind Fashion: Buy at 521.90, target 544, stop loss 513; and

3] Godrej Agrovet: Buy at 555.85, target 580, stop loss 546.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.o 

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First Published:1 Feb 2024, 07:09 AM IST
HomeMarketsStock MarketsBuy or sell on Budget 2024 date: Vaishali Parekh recommends three stocks to buy today — February 1

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