Active Stocks
Wed Jun 19 2024 15:54:35
  1. HDFC Bank share price
  2. 1,658.00 3.06%
  1. Tata Steel share price
  2. 180.05 -0.61%
  1. State Bank Of India share price
  2. 852.60 0.95%
  1. ITC share price
  2. 423.70 -1.19%
  1. ICICI Bank share price
  2. 1,144.75 1.93%
Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 18
BackBack

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 18

For Tuesday, Nifty is expected to find resistance near 17,500, while Bank Nifty may range between 39,500 to 40,600.

Nifty moving past the 17,350 mark is likely to give some clarity on further upward movement. (iStock)Premium
Nifty moving past the 17,350 mark is likely to give some clarity on further upward movement. (iStock)

Buy or Sell: After a weak start tracking global peers on Monday, Indian markets recovered due to strong buying in banking and financial stocks. A good start to the second quarterly season by IT and banking boosted sentiment. Sensex closed over 58,400 and Nifty 50 was above 17,300 levels. Nifty moving past the 17,350 mark is likely to give some clarity on further upward movement. For Tuesday, Nifty is expected to find resistance near 17,500, while Bank Nifty may range between 39,500 to 40,600. Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has recommended a buy on two stocks for today.

On BSE, Nifty 50 closed at 17,311.80 up by 126.10 points or 0.73%, while Sensex climbed by 491.01 points or 0.85% to close at 58,410.98. Nifty Bank and Financial Services soared by over 1.5% and 1.15% respectively. Stocks like SBI, Bajaj Finserv, and Axis Bank were top performers.

Parekh said, "Nifty after opening on a slightly weak note recovered strongly and regained to touch the 17300 zone moving past the significant 50EMA level of 17250 with many frontline stocks showing improvement in the bias and picking up momentum. BankNifty indicated a strong session with frontline banking stocks like Axis Bank, Kotak Bank, and SBI witnessed a decent rise to pull the index to almost 40000 zone and expect for extended targets of 41000-41500 levels."

On Tuesday, Parekh said, for Nifty, a decisive move past the 17350 zone would establish some clarity and conviction, to anticipate a further upward move in the coming days. The support for the day is seen at 17200 while the resistance would be 17450. BankNifty would have a daily range of 39500-40600 levels.

Thereby, on Tuesday, the Nifty spot index is likely to find support between 17200/17150 and resistance around 17450/17500. While Bank Nifty may find support between 39500/39450 with resistance around 40600/40650.

The expert has recommended buying two stocks.

Pidilite Industries: Buy the stock at 2,690 with a stop loss of 2,660 for a target of 2,755.

Indian Hotel: Buy the stock at 318 with a stop loss of 314 for a target price of 328 apiece.

Vinod Nair, Head of Research at Geojit Financial Services said, "Broadly, even though the Q2 preview analysis forecast a muted outlook, it is fairly factored in considering the consolidation of the last one month. While outlook for Q3 results has been enhanced due to moderation in operation cost, forecasting a QoQ improvement in profitability and reducing risk of earnings downgrade."

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Oct 2022, 05:50 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started