Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 20
3 min read 20 Feb 2023, 07:29 AM ISTBuy or sell: Nifty has crucial support placed at 17,800 levels and the matter may further worsen if this support is broken, believes Vaishali Parekh of Prabhudas Lilladher
PremiumBuy or sell stocks for today: After logging gains on three days in a row, Dalal Street snapped its winning streak on Friday following weak global cues. 50-stock Nifty index lost 91 points and ended at 17,944 levels, 30-stock Sensex nosedived 316 points and closed at 61,002 levels. Bank Nifty corrected 499 points and closed at 41,131 levels. However, small-cap index went off lesser than key benchmark indices even though advance decline ratio fell to 0.62:1.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that profit booking at 18,000 levels has weakened the bias and market sentiments. Prabhudas Lilladher expert went on to add that Nifty has crucial support placed at 17,800 levels and the matter may further worsen if this support is broken. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three shares are Larsen & Toubro (LT), Godrej Consumer Products and Pidilite Industries.
On outlook for Nifty today, Vaishali Parekh said, "Nifty once again witnessed profit booking from 18000 levels indicating a lower top formation on the daily chart and with 2 sessions of bearish candle pattern has once again weakened the bias and sentiment. The index has got the crucial and significant support zone of 17,800 levels which if broken can turn matter further worse, while at the same time a decisive breach above 18,150 zone is necessary to overcome the weak sentiment and expect for further rise."
Prabhudas Lilladher went on to add that that Bank Nifty also for the second consecutive was subjected to profit booking among the frontline banking stocks to slide down to 40,900 levels with trend showing weakness. A decisive breach below the 40,800 would further invite for further downward slide with intensified profit booking activity.
"The support for the Nifty 50 index is seen at 17,800 levels while the resistance is seen at 18,100 mark. Bank Nifty would have the daily range of 40,500 to 41,700 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, here we list out full details in regard to those three intraday stocks:
1] LT: Buy at ₹2226, target ₹2300, stop loss ₹2200;
2] Godrej Consumer Products: Buy at ₹942, target ₹985, stop loss ₹925; and
3] Pidilite Industries: Buy at ₹2333, target ₹2400, stop loss ₹2300.
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.
