Home / Markets / Stock Markets /  Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 3

Buy or sell stocks for today: After losing on seven successive session, Indian stock market finally ended in green territory on Friday last week. However, this was not enough for Dalal Street to pare the losses it incurred in recent sell-off. NSE Nifty logged weekly loss on third successive week and September 2022 turned out its worst month since June 2022. After Friday session, Nifty 50 index finished 276 points north at 17,094 whereas BSE Sensex shot up over 1000 points and closed at 57,426 levels. Bank Nifty index surged 984 points and closed at 38,631 levels.

Vaishali Parekh's recommendations

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that stock market bias has improved as decent pullback on Friday session now indicating a “Bullish Engulfing Pattern" on the daily chart. Asked about buy or sell stocks for today, Vaishali Parekh of Prabhudas Lilladher recommended two shares to buy today — Bank of Baroda and Hindalco.

Day trading strategies

On trade setup for Monday, Vaishali Parekh said, "Nifty has indicated a good support zone near 16750-16800 zone levels and with a decent pullback indicating a “Bullish Engulfing Pattern" on the daily chart has improved the bias and with another session of positive close above the 17200 levels would be necessary to establish a confirmation and clarity for further upward move in the coming days."

Prabhudas Lilladher expert went on to add that Bank Nifty also has indicated a strong pullback from the 37,400 zone with a big positive bullish candle to strengthen the bias. With the overall bias and sentiment on the improvement and with further clarification awaited, the support for the week is seen at 16,700 levels while the resistance is seen at 17,400 mark. Bank Nifty would have the weekly range of 37,400 to 40,000 levels.

Buy or sell stocks for today

As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details:

1] Bank of Baroda: Buy at 132, target 140, stop loss 128; and

2] Hindalco: Buy at 390, target 420, stop loss 380.

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

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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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