BackBuy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 9
Buy or sell stock: Nifty may go down up to 17,250 levels if it breaches the current crucial support placed at 17,800 levels, believes Vaishali Parekh
PremiumBuy or sell stocks for today: On account of weakness in the US markets, Dalal Street ended in red zone on third day in a row on Friday. 50-stock index Nifty lost 132 points and closed at 17,859, 30-stock BSE Sensex went down 452 points and closed at 59,900 whereas Bank Nifty index ended 419 points south at 42,188 levels. Broad market indices continued to bleed as Small-cap index lost to the tune of 0.73 per cent while Mid-cap index lost 0.72 per cent. Advance-decline ratio remained low at 0.51:1.
Day trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty may go down up to 17,250 levels if it breaches the current crucial support placed at 17,800 levels. Prabhudas Lilladher experts said TCS stocks will be in focus today as street observers and investors are eagerly waiting for the IT giant TCS results for October to December 2022 quarter. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today and those two stocks are Mahindra & Mahindra (M&M) and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
On intraday trading strategies, Vaishali Parekh of Prabhudas Lilladher said, "Nifty extended the losses further with the bearish pattern of 3 black crows on the daily chart with crucial support zone of 17800 retested and further a decisive breach below would trigger for fresh selling pressure to anticipate for further slide in the index. The Index has the next major support zone of 17250 levels which is where the significant 200DMA level lies."
"Bank Nifty also has further extended the loss with a negative candle to breach below the significant 50EMA level of 42,380 to weaken the bias and further has the important support zone of 41,500 to 41,550 levels breaching which further intensified selling pressure can be anticipated in the banking sector," Parekh said.
Vaishali Parekh said that support for NSE Nifty is seen at 17,700 while the resistance is seen at 18,000 levels. Bank Nifty would have the daily range of 41,700 to 42,600 levels.
TCS, Infosys stocks in focus
Prabhudas Lilladher expert went on to add that with the sentiment and bias turned weak, all eyes would be now eagerly awaiting the results of IT giants Infosys and TCS in the coming week. She said that TCS and Infosys stocks will be in focus throughout this week.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we list out full details in regard to those two day trading stocks:
1] Mahindra & Mahindra (M&M): Buy at ₹1264, target ₹1288, stop loss ₹1250; and
2] Gujarat Narmada Valley Fertilizers & Chemicals or GNFC: Buy at ₹587, target ₹604, stop loss ₹580.
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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