BackBuy or sell: Vaishali Parekh recommends 2 stocks to buy today — February 28
Buy or sell: Nifty is standing at crucial support of 17,300 levels, believes Vaishali Parekh of Prabhudas Lilladher
PremiumBuy or sell stocks for today: On account of weak global sentiments on US indices closing out their worst week since early December, Indian stocks extended its losing spree for seventh straight session on Monday. Nifty 50 index corrected 73 points and ended at 17,392 while BSE Sensex shed 175 points and closed at 59,288 levels. But, banking stocks gained confidence of market bulls as Bank Nifty index gained 397 points and closed at 40,307 levels. In broad markets, small-cap index lost to the tune of 1.28 per cent while mid-cap index went off 0.69 per cent.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty is standing at crucial support of 17,300 levels. Prabhudas Lilladher expert said that 50-stock index breaching below this level may trigger fresh weakness on Dalal Street that may end at around 16,800 levels. However, Vaishali Parekh is expecting pull back in Bank Nifty index as some of the frontline banking stocks like SBI, Kotak Mahindra Bank, ICICI Bank are showcasing possible upside movement on the chart pattern.
Speaking on outlook for Nifty today, Vaishali Parekh said, "Nifty once again closed at the lower end hitting an intraday low of 17,300 level which is a crucial support zone and has the significant 200 DMA level of 17,370 in close vicinity. The slide continues for the 7th consecutive sessions as of now and from here a decisive breach below 17,300 can trigger for further slide with next major support visible near 16,800 zone."
Banking stocks in focus
Prabhudas Lilladher expert went on to add, "Bank Nifty on the other hand witnessed a positive close with 39,800 maintaining as the support as of now and indicating a pullback. Some of the frontline banking stocks like ICICI Bank, Kotak Bank and SBI indicated some improvement helping the index to gain and end near the 40,300 zone."
"The support for NSE Nifty is seen at 17,300 levels while the resistance is seen at 17,550 levels. Bank Nifty would have the daily range of 39,900 to 40,700 levels," Parekh said.
Stocks to buy today
Asked about intraday stocks for today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today and those two day trading stocks are ICICI Bank and Power Grid. Here we list out full details in regard to these three day trading stocks for today:
1] ICICI Bank: Buy at ₹856, target ₹886, stop loss ₹842; and
2] Power Grid: Buy at ₹219, target ₹228, stop loss ₹215.
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.
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