Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — 10th April
Buy or sell stocks: Vaishali Parekh of Prabhudas Lilladher has recommended three day trading stocks to buy today — REC, Voltas and Mahindra & Mahindra (M&M)
PremiumBuy or sell stocks: Indian stock market finished higher for second session in a row. In a week truncated by two stock market holidays, both Nifty and Bank Nifty indices logged more than 1.35 per cent gains in the week gone by whereas 30-stocks index BSE Sensex clocked 1.42 per cent weekly gain. Broad market indices rose more than the Nifty even as the advance decline ratio was positive at 2.01:1.
Stock market strategy for Monday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty today is facing resistance at 17,650 levels, which is upper band of the descending channel pattern. Prabhudas Lilladher expert went on to add that 50-stock index would require a decisive breach of this resistance to indicate a breakout from the channel. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are REC, Voltas and Mahindra & Mahindra (M&M).
On outlook for Nifty today, Vaishali Parekh said, "Nifty extended the gains still further but showed resistance near the 17650 zone which is the upper band of the descending channel pattern on the daily chart and would require a decisive breach above this zone to indicate a breakout from the channel. The support remains strong near 17200 zone and upside near term potential is around 18000 levels with intermediate 17800 acting as a crucial significant zone for the index."
"Bank Nifty after opening in the mild red recovered post the RBI policy outcome and scaled till 41270 zone where it faced resistance near the long term falling trendline and witnessed profit booking to end near 41000 levels. The index has the crucial support zone near 40600 of the 50EMA level and upside with a decisive breach above 41300 zone would carry the index its next near-term target of 41800 levels," Parekh added.
Vaishali Parekh further said that support for Nifty today is placed at 17,450 levels while the resistance is seen at 17,750 levels. Bank Nifty would have the daily range of 40,600-41,500 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks:
1] REC: Buy at ₹118.75, target ₹122, stop loss ₹117;
2] Voltas: Buy at ₹830, target ₹857, stop loss ₹818; and
3] M&M: Buy at ₹1171, target ₹1205, stop loss ₹1154.
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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