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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — Feb 27
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — Feb 27

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — MHRIL, Poonawalla Fincorp, and Tata Communications

Stock market today: The Nifty 50 index has crucial support now placed at 22,000 whereas 50-stock index is facing resistance at 22,250 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has crucial support now placed at 22,000 whereas 50-stock index is facing resistance at 22,250 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for the Indian stock market today: Following weak global market sentiments, the Indian stock market ended lower on Monday. The Nifty 50 index lost 90 points and closed at the 22,122 level, the BSE Sensex dipped 352 points and ended at the 72,790 mark whereas the Bank Nifty index corrected 235 points and closed at the 46,576 level. In the broad market, the small-cap index fell less than the Nifty 50 index even as the advance-decline ratio fell to 0.64:1.

Intraday trading tips for Indian stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment is positive and recent sell-off should be seen as a profit-booking. The Prabhudas Lilladher expert maintained that crucial support for the 50-stock index is placed at 22,000 level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Mahindra Holidays and Resorts India Ltd or MHRIL, Poonawalla Fincorp, and Tata Communications.

Also Read: How is Paytm stock price expected to open today?

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index after making the new high near 22,300 zones took a breather and with some cooling off witnessed, it has slipped to close near 22,100 levels with 22,000 zones maintained as the psychological and important support from current levels. The overall bias is maintained strong and with some revival expected, the index would once again regain strength to carry on the upward move for next targets of 22,400 and 22,800 levels."

Also Read: NMDC stock to trade ex-dividend, South Indian Bank shares to trade ex-rights today

"The Bank Nifty index as compared to the Nifty 50 index is witnessing sluggishness and with near-term support maintained near the 50EMA level of 46,200 zones, it would need to breach above the 47,300 band to trigger for fresh upward move," said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at the 22,000 level while the resistance would be seen at the 22,250 level. Bank Nifty would have a daily range of 46,300 to 47,000 levels.

Also Read: Canara Bank, SAIL, ZEEL among 5 stocks under F&O ban list today

Stocks to buy today

1] MHRIL: Buy at 431.90, target 447, stop loss 423;

2] Poonawalla Fincorp: Buy at 473, target 490, stop loss 464; and

3] Tata Communications: Buy at 1870, target 1935, stop loss 1835.

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.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 27 Feb 2024, 06:45 AM IST
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