Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 16
3 min read 16 Feb 2023, 06:43 AM ISTBuy or sell: A decisive breach above 41,800 levels would trigger for a fresh upward move on Bank Nifty, believes Vaishali Parekh of Prabhudas Lilladher
PremiumBuy or sell stocks for today: Despite weak global cues on disappointing US inflation data, Indian stock market finished higher on second day in a row on Wednesday. 50-stock Nifty index surged 86 points and finished at 18,015 levels while 30-stock BSE Sensex gained 242 points and ended at 61,275 mark. Bank Nifty index finished 82 points higher at 41,731 levels. Among broad markets, small-cap index gained 0.36 per cent whereas mid-cap index shot up 0.69 per cent on Wednesday.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher says that Nifty closing above 18,000 levels has strengthen the conviction for further upside movement on Dalal Street. Prabhudas Lilladher expert went on to add that Bank Nifty index showing promising moves has helped improve bias and market trend. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three stocks to buy today and those three stocks are REC, Tata Consumer and McDowell or United Spirits Ltd.
On outlook for Nifty today, Vaishali Parekh said, "Nifty witnessed a volatile session with a gap down opening then consolidation and in the final hours a decent spurt to take the index to close above the 18,000 zone which was very important with sentiments eased out and a conviction for further rise can be anticipated."
Prabhudas Lilladher expert went on to add that Bank Nifty also showed promising cues with most of the frontline banking stocks showing improvement in their bias and a decisive breach above 41,800 levels would trigger for a fresh upward move indicating breakout with next target expected till 43000-43500 zone.
"With the daily trends of both Nifty and Bank Nifty turned up and the indices positioned quite well technically, it is anticipated to give a decent rise in the coming sessions. The support for the day is seen at 17900 while the resistance is seen at 18200. Bank Nifty would have the daily range of 41400-42200 levels," said Parekh.
Stocks to buy today
1] REC: Buy at ₹115.50, target ₹120, stop loss ₹113;
2] Tata Consumer: Buy at ₹728, target ₹750, stop loss ₹718; and
3] United Spirits or McDowell: Buy at ₹787, target ₹815, stop loss ₹777.
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.
