Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 21
2 min read 21 Mar 2023, 06:35 AM ISTNifty has crucial support placed at 16,800 whereas 17,200 to 17,250 is important resistance barrier, believes Vaishali Parekh
PremiumBuy or sell stock for today: On account of weak global sentiments, Dalal Street snapped two day rise and ended in red territory on Monday. Nifty 50 index ended 111 points lower at 16,988, 30-stock index Sensex finished 360 points down at 57,628 while Nifty Bank index corrected 236 points and finished at 39,361 levels. In broad markets, small-cap index lost around one per cent whereas mid-cap index shed 1.12 per cent. Advance decline ratio finished lower at 0.39:1.
Intraday trading strategy for Tuesday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that overall market sentiment is still weak. Prabhudas Lilladher expert went on to add that Nifty has crucial support placed at 16,800 whereas 17,200 to 17,250 is important resistance barrier. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three shares are Pidilite Industries, Hindustan Unilever Ltd and Godrej Consumer.
On outlook for Nifty today, Vaishali Parekh said, "Nifty opened on a weak note near 17,000 zone and further extended the losses almost to touch the 16,800 zone while the second half witnessed some decent recovery to bring back the index to near 17,000 levels to bring some relied with overall sentiment and bias remaining weak. The 16,800 level remains the crucial and significant support zone while on the upside 17200-17250 zone is the important resistance barrier above which the trend would improve to some extent."
Prabhudas Lilladher expert went on to add that Bank Nifty also indicated some volatile session with 38,900 zone maintained as the support zone and with some last hour recovery brought the index to close near 39,400 levels. The index is precariously placed with 38,600-38,700 zone as the crucial and important support zone and upside has 39,800-39,900 as the tough resistance barrier which needs to be breached decisively to establish some conviction for further upward move.
"The support for the day is seen at 16,800 while the resistance is seen at 17,150 levels. Bank Nifty would have the daily range of 38,800-39,800 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Pidilite Industries: Buy at ₹2372, target ₹2460, stop loss ₹2342;
2] Hindustan Unilever: Buy at ₹2511, target ₹2600, stop loss ₹2475; and
3] Godrej Consumer: Buy at ₹960, target ₹990, stop loss ₹955.
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.
