Home / Markets / Stock Markets /  Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 4

Buy or sell stocks for today: After one day reprieve on Friday session, Indian stock market continue to play spoilsport for bulls on Monday. NSE Nifty lost 207 points and closed at 16,887 whereas BSE Sensex shed 638 points and finished at 56,788 levels. Bank Nifty index tumbled 602 points and ended at 38,029 mark. Among sectors, healthcare & telecom were the only gainers while power, auto and FMCG fell the most. However, small-cap index outperformed key indices as it fell 0.54 per cent only. After closure of Monday session, advance decline ration finished in negative territory at 0.53:1.

Vaishali Parekh's recommendations

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty is unable to sustain above 17,000 levels and once again slipped below 16,900 levels. Bank Nifty too fizzled out from 38,800 levels after profit booking trigger. Vaishali Parekh of Prabhudas Lilladher advised stock specific approach till further clarity becomes visible on chart pattern. Vaishali Parekh recommended two stocks to buy today and those two stocks are IPCA Laboratories and Can Fin Homes.

Trade setup for Tuesday

Unveiling day trading strategies for stock market today, Vaishali Parekh said, "Nifty could not sustain above the 17,000 levels witnessing heavy profit booking and once again slipped below the 16,900 zone on the back of negative cues from financial institution thus creating a cautious and weak sentiment as of now."

Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty also fizzled out from the 38,800 levels with profit booking seen in almost every banking stocks to close near the 38,000 landmark with bias turning weak. For Nifty index, the 16,700 to 16,750 zone would be crucial failing which the bias would further weaken with fresh downside targets open. With overall approach remaining cautious as of now, one need to go for select stocks till further clarification and confirmation of the trend. The support for the day is seen at 16,750 while the resistance is seen at 17,000. Bank Nifty would have the weekly range of 37,400 to 38,500 levels.

Buy or sell stocks for today

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

1] IPCA Laboratories: Buy at 934, target 970, stop loss 915; and

2] Can Fin Homes: Buy at 480, target 505, stop loss 462.

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

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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