Buy or sell: Vaishali Parekh recommends 3 stocks to buy today
5 min read . Updated: 31 Jan 2023, 07:10 AM IST
Premium- Buy or sell stock: Nifty is facing immediate hurdle at 17,800 levels while immediate support for 50-stock index is placed at 17,250 levels, believes Vaishali Parekh of Prabhudas Lilladher
Buy or sell stocks for today: Despite most Asian market ending in red territory, bulls managed to outperform bears on Dalal Street. 50-stock Nifty index gained 44 points and ended at 17,648 levels while 30-stock Sensex shot up 169 points and finished at 59,500 mark. Bank Nifty index went up 42 points and closed at 40,378 levels. However, both mid-cap and small-cap indices finished in red territory and advance decline ratio ended at 0.74:1.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President, Technical Research at Prabhudas Lilladher believes that next support zone for Nifty is 17,250 and immediate hurdle zone is 17,800 levels. Prabhudas Lilladher expert expected high volatility on Dalal Street to continue as budget 2023 is just a day away. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Cochin Shipyard, REC and Schneider Electric Infrastructure.
Unveiling intraday trading tips for Tuesday session, Vaishali Parekh said, "Nifty has been slowly and steadily witnessing a downward slide with next major support zone visible near 17,250 levels and near term resistance band is 17,800 levels with volatility on the rise as the Budget session is nearby and a last hour recovery brought the close above the 17,600 zone."
Prabhudas Lilladher expert went on to add that Bank Nifty would have the near term crucial support zone of 38,700 levels of the 200 DMA, which if breached would further trigger for fresh intensified selling pressure.
"With the overall scenario precarious placed and with Budget announcement to be released in the next session, high volatility with uncertainty is anticipated. The support for the day is seen at 17,500 while the resistance is seen at 17,800. Bank Nifty would have the daily range of 39,900 to 41,000 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three day trading stocks, here we list out full details in regard to those intraday stocks for today:
1] Cochin Shipyard: Buy at ₹487, target ₹507, stop loss ₹480;
2] REC: Buy at ₹115.50, target ₹119, stop loss ₹114; and
3] Schneider Electric Infrastructure: Buy at ₹181, target ₹187, stop loss ₹177.
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.
