Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — 22 December

Buy or sell stocks for today: Following weak global sentiments after the newsbreak of rising Covid-19 cases in China, sell off triggered on Dalal Street despite positive opening on Wednesday morning deals. Nifty 50 index ended 186 points lower at 18,199 whereas BSE Sensex shed 635 points and closed at 61,067 levels. Nifty Bank index crashed 741 points and finished at 42,617 levels. Broad market indices fell sharply as profit taking was seen across the board and the advance decline ratio on BSE fell to 0.29:1, lowest in almost 3 months.

Intraday trading strategy for Thursday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market sentiment has turned cautious as Bank Nifty has already breached its crucial support on Wednesday and Nifty's crucial support of 18,200 is in danger. Prabhudas Lilladher expert is expecting further slide in the markets and expects 18,050 to act as immediate support for Nifty 50 index. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today and those two stocks are Zydus Life and Aster DM Health.

"Nifty after opening with a gap up near 18,450 zone slipped down heavily with the profit booking witnessed and intensified as the day progressed to close near the 18,200 zone with sentiment turning weak with concerns over the rising Covid cases escalates. Bank Nifty also broke the strong support area near 43,000 zone during the intraday session and witnessed a steep slide to touch 42,360 levels with both the indices indicating a Bearish Engulfing Candle to suggest weak bias in the coming days," Parekh said.

Expecting further dip in markets, Vaishali Parekh of Prabhudas Lilladher said, "With the crucial support of 18,200 levels for Nifty in danger and 42,900 to 43,000 zone of Bank Nifty already breached, the overall bias has turned into cautious mode with further slide anticipated."

Prabhudas Lilladher expert went on to add that support for Nifty is placed at 18,050 while the resistance is seen at 18,350. Bank Nifty would have the daily range of 42100-43000 levels.

Intraday stocks to buy today

As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details about Vaishali Parekh's recommendations:

1] Zydus Life: Buy at ₹421, target ₹435, stop loss ₹415; and

2] Aster DM Health: Buy at ₹235, target ₹245, stop loss ₹231.

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.