BackBuy or sell: Vaishali Parekh recommends 2 stocks to buy today — October 21
Vaishali Parekh of Prabhudas Lilladher believes that overall positive sentiment is intact but chances of a short correction cannot be ruled out
PremiumBuy or sell stocks for today: Despite weakness in Asian stocks, Dalal Street extended its rally on fifth straight session on Thursday. Indian stock market had a gap down opening on Thursday but due to last hour recovery it managed to end on higher note. Nifty 50 index finished 51 points higher at 17,563 whereas BSE Sensex shot up 95 points and ended at 59,202 mark. But, Nifty Bank index finished 273 points lower at 40,099 levels. Broad market indices underperformed even though advance decline ratio finished Thursday session at 1:1.
Vaishali Parekh's recommendations
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Indian stock market is trading range-bound and it is facing resistance at higher range. Vaishali Parekh of Prabhudas Lilladher said that overall positive sentiment is intact but chances of a short correction cannot be ruled out. On stocks to buy today Vaishali Parekh recommended two stocks to buy today and those two stocks are Century Textile and Piramal Enterprises Ltd or PEL.
Day trading strategy
Commenting upon intraday trading tips for stock market today, Vaishali Parekh said, "Nifty has been hovering near the 17,500 zone opened with a gap down and gradually picking up to attain the 17,500 levels to maintain a rangebound zone showing resistance. Bank Nifty also remained subdued and witnessed some profit booking from the 40,600 zone to form a lower top formation on the daily chart and the chances of a short correction cannot be ruled out."
Prabhudas Lilladher expert went on to add that overall sentiment has been maintained with a cautiously positive approach as of now and with 17350 zone maintained and need to cross the levels of 17600 decisively for further upside move.
"As for Bank Nifty need to sustain above the 39400 zone for maintaining the positive bias and with the positive trend maintained we anticipate for further upward move and above 40700-40750 zone would further strengthen the trend. The support for the day is seen at 17400 while the resistance would be 17700. Bank Nifty would have the daily range of 39600-40600 levels," she said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended two stocks to buy today. Here we list out details about those buy or sell stocks for today:
1] Century Textile: Buy at ₹808, target ₹840, stop loss ₹794; and
2] Piramal Enterprises Ltd or PEL: Buy at ₹843, target ₹865, stop loss ₹830.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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