Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 6
2 min read . Updated: 06 Feb 2023, 07:10 AM IST
Premium- Buy or sell stock: Rally in frontline banking stocks like Axis Bank, Kotak Bank, HDFC Bank, ICICI Bank and SBI pulled Nifty in comfortable zone, believes Vaishali Parekh
Buy or sell stock: On account of strong global market sentiments, Indian stock market witnessed strong pull back in second half of previous session and finished higher on Friday. 50-stock index Nifty gained 243 points and closed at 17,854, 30-stock Sensex shot up 909 points and closed at 60,841 while Bank Nifty index surged 830 points and ended at 41,499 levels. In broad market, small-cap index lost 0.47 per cent while mid-cap index too went off by a whisker.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that pull ack rally on Friday was well supported by frontline banking stocks that pulled key benchmark indices into a comfortable zone. Prabhudas Lilladher expert went on to add that Nifty closing above 17,800 was crucial as it improved the market bias. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Axis Bank, Mahindra & Mahindra (M&M) and Pidilite Industries.
"Nifty witnessed a decent pullback from the support zone of 17,400 levels well backed by the frontline banking stocks like Axis Bank, Kotak Bank, HDFC Bank, ICICI Bank and SBI, which pulled the indices to move into a comfortable zone. The close above 17,800 for Nifty index was important to establish some conviction and clarity with bias improving and can anticipate for further rise in the coming sessions," said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty has breached above the 41,000 zone to improve the bias on the back of decent move from the frontline banking stocks, as said earlier, and further continuation of the momentum is anticipated.
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"The support for Nifty 50 index is seen at 17,700 while the resistance is seen at 17,650 levels. Bank Nifty would have the daily range of 41,000 to 42,200 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those day trading stocks:
1] Axis Bank: Buy at ₹882, target ₹910, stop loss ₹870;
2] Mahindra & Mahindra (M&M): Buy at ₹1388, target ₹1485, stop loss ₹1370; and
3] Pidilite Industries: Buy at ₹2341, target ₹2395, stop loss ₹2315.
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.
