Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 6
2 min read . Updated: 06 Jan 2023, 07:01 AM IST
Premium- Buy or sell stock: Intraday support for Nifty is seen at 17,850 while the resistance is seen at 18,150 mark, believes Vaishali Parekh
Buy or sell stocks for today: Indian stocks continued its losing streak for second straight session on Thursday as minutes from the Federal Reserve’s meeting sounded a cautious tone on interest rates. NSE Nifty ended 50 points lower at 17,992, BSE Sensex ended 304 points lower at 60,353 while Bank Nifty index dipped 350 points and closed at 42,608 levels. However, shares from FMCGG and capital goods segment witnessed some buying interest.
Day trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that key benchmark indices are precariously placed with more conviction and clarity to be established in the coming sessions. Prabhudas Lilladher expert said that despite correction in the markets, there was some pull back rally before closing hours on Thursday session that signals overall bias on Dalal Street is still cautious. On stocks to buy today Vaishali Parekh recommended two intraday stocks for today and those two stocks are Zydus Life and Coromandel International.
On intraday trading strategy, Vaishali Parekh said, "Nifty witnessed a volatile session on the weekly expiry day of the F&O segment with the index fluctuating from 18,120 levels to touch the low of 17,900 levels with heavy profit booking witnessed in the Banking and Financial services stocks. The index managed to recover to bring some relief in the final hours to close near the 18000 zone and anticipating for further pullback in the coming sessions."
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty has further extended the loss with a negative candle to touch intraday low of 42,300 levels and closed near the crucial zone of 42,600 below which the bias can turn further weak.
"With the overall bias and sentiment cautiously maintained, the indices are precariously placed with more conviction and clarity to be established in the coming sessions. The intraday support for Nifty is seen at 17850 while the resistance is seen at 18,150. Bank Nifty would have the daily range of 42200-43000 levels," said Parekh.
Intraday stocks for today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those intraday stocks for today:
1] Zydus Life: Buy at ₹432, target ₹450, stop loss ₹425; and
2] Coromandel International: Buy at ₹902, target ₹942, stop loss ₹890.
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.
