BackBuy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 11
Buy or sell stock: Nifty is standing at crucial support of 17,800 levels, believes Vaishali Parekh of Prabhudas Lilladher
PremiumBuy or sell stocks for today: On account of weak global sentiments, Dalal Street finished on Tuesday in negative zone, giving up its Monday gains. Among key benchmark indices, 50-stock Nifty dipped 187 points and ended at 17,914, 30-stock Sensex went down 631 points and finished at 60,115 levels whereas Nifty Bank index crashed 568 points and closed at 42,014 mark. However, broad market indices fell less than Nifty and Sensex. BSE Small-cap index dipped 0.46 per cent while BSE Mid-cap index went off 0.49 per cent.
Intraday trading strategy for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that 17,800 zone would act a crucial level for Nifty and a decisive breach can trigger for fresh sell off weakening the market trend further. Prabhudas Lilladher expert went on to add that Bank Nifty is also standing at a crucial support of 42,000 levels. Asked about stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two shares are Coromandel International and Tata Consumer.
Unveiling day trading strategy, Vaishali Parekh said, "Nifty opened on a flat note and gradually slipped with profit booking witnessed as the day progressed and once again wiped off the gains witnessed a day before to end near the 17,900 zone. Once again the 17,800 zone would act a crucial level and a decisive breach can trigger for fresh sell off weakening the trend further."
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty also lost momentum and formed a bearish candle to erase all the gains and has come back again to the crucial zone near 42,000 levels. The coming sessions would be very significant for a decisive breach of these crucial support zones can bring in fresh slide with intensified selling pressure among the stocks.
"The support for the day is seen at 17,800 while the resistance is seen at 18100. Bank Nifty would have the daily range of 41500-42500 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended two day trading stocks for today, here we list out full details in regard to those intraday stocks for today:
1] Coromandel International: Buy at ₹901, target ₹935, stop loss ₹890; and
2] Tata Consumer: Buy at ₹769, target ₹790, stop loss ₹760.
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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