Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 29

Buy or sell stocks in Indian stock market today: Following weak global cues, the Indian stock market ended lower on Wednesday as the majority of the indices witnessed sharp selling pressure. The Nifty 50 index lost 247 points and closed at 21,951 level, the BSE Sensex shed 790 points and closed at 72,304 mark whereas the Bank Nifty index corrected 624 points and ended at 45,963 level. In the broad market, the small-cap index tanked 1.94 percent while the mid-cap index crashed 1.82 percent.

Intraday trading tips for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment has become cautious as the Nifty 50 index has breached below the psychological 22,000 level decisively. The Prabhudas Lilladher expert went on to add that the 50-stock index has crucial support placed at the 21,750 to 21,800 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks today — Aster DM Healthcare, Indus Towers, and Religare Enterprises.

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Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty 50 index indicated another “Bearish Engulfing” candle formation on the daily chart within 6 days breaching below the important 22,000 zones decisively weakening the bias and sentiment with overall approach maintained cautious as of now. The index witnessed heavy profit booking and has now the next crucial support of 21,750 to 21,800 zone which needs to be sustained to keep the hopes alive for sustaining and continuation of the upward trend."

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"Bank Nifty also witnessed heavy profit booking to indicate a big bearish candle further weakening the bias moving below the significant 50EMA zone of 46,200 level. The index has turned the bias weak and has got the next major support near the important 200 period MA of 45,000 levels," said Parekh.

Parekh went on to add that Nifty today has immediate support placed at the 21,800 level while the resistance would be seen at 22,100. Bank Nifty would have a daily range of 45300-46400 levels.

Stocks to buy today

1] Aster DM Healthcare: Buy at ₹485, target ₹502, stop loss ₹474;

2] Indus Towers: Buy at ₹244.65, target ₹257, stop loss ₹238; and

3] Religare Enterprises: Buy at ₹230, target ₹240, stop loss ₹224.

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.