Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 6
Buy or sell stock: Frontline banking stocks like ICICI Bank, Axis Bank, SBI, HDFC Bank and Kotak Bank may continue to dominate Bank Nifty index
Buy or sell stocks for today: Following strong global cues and bullish sentiment among FIIs after the bulk deal in Adani group stocks, Dalal Street came out of the base building mode after four successive sessions of consolidation and range bound movement. 50-stock Nifty finished 272 points higher at 17,594, 30-stock Sensex shot up 899 points and closed at 59,808 while Bank Nifty index ascended 861 points and closed at 41,251 levels. In broad markets, small-cap index surged 0.68 per cent while mid-cap index added 0.58 per cent.
Intraday trading strategy for Monday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Indian stock market has come out of the base building mode and Nifty sustaining above 17,600 would mean more upside in near term. Prabhudas Lilladher expert maintained that uptrend Bank Nifty may further continue and frontline banking stocks like ICICI Bank, Axis Bank, SBI, HDFC Bank and Kotak Bank may continue to dominate the rally in banking index.
On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three shares are United Spirits or McDowell, Piramal Enterprises Ltd or PEL and L&T Finance.
On outlook for Nifty today, Vaishali Parekh said, "Nifty after 4 sessions of consolidation and rangebound movement has finally come out of the zone with a positive bullish candle pattern on the daily chart to improve the bias and further a decisive move past the 17800 zone would establish some conviction for carrying on with the momentum still further ahead."
Banking stocks that may dictate Bank Nifty
Prabhudas Lilladher expert went on to add that Bank Nifty witnessed a decent pullback moving past the 40800 zone quite decisively and closing above the 41000 levels has improved the bias and sentiment to some extent with most of the frontline banking stocks like ICICI Bank, Axis Bank, SBI, HDFC Bank and Kotak Bank showing good pickup to anticipate for further rise in the coming days.
"The support for NSE Nifty is seen at 17,450 while the resistance is seen at 17,800 levels. Bank Nifty would have the daily range of 40,800 to 41,800 levels," Parekh added.
Stocks to buy today
As mentioned above Vaishali Parekh has suggested three intraday stocks for today, here we list out full details in regard to those three shares:
1] United Spirits or McDowell: Buy at ₹756, target ₹772, stop loss ₹744;
2] Piramal Enterprises Ltd or PEL: Buy at ₹782, target ₹800, stop loss ₹770; and
3] L&T Finance: Buy at ₹91.30, target ₹96, stop loss ₹89.50.
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.
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