Buy or sell: Vaishali Parekh recommends buying in 3 stocks today - September 27
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Hero MotoCorp Ltd, Mazagon Dock Shipbuilders Ltd, and Mishra Dhatu Nigam Ltd.
Buy or sell stocks for today: Domestic benchmark equity indices Nifty 50 and Sensex ended in red on Tuesday on the backdrop of weak global cues, US Treasury yields hit a multi-year high amid worries that interest rates will remain high for a while and have an adverse effect on the global economy.
The Nifty 50 ended at 19,664.70, down 10 points, or 0.05%. The Sensex closed 78 points, or 0.12%, lower at 65,945.47.
ICICI Bank, Infosys, Kotak Mahindra Bank, and Axis Bank, ended among the Sensex index's top losers. Eicher Motors, Hero MotoCorp and Nestle India ended as the top gainers in the Nifty 50 index.
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"Trading remained flat as headwinds from the global market and continued selling by FIIs kept domestic investors under vigil. While bargain hunting was visible in small-cap stocks due to the recent correction and favourable valuation compared to large and mid-caps, IT indices slid due to the fear of one more rate hike by the Fed and a consequent reduction in spending," said Vinod Nair, Head of Research at Geojit Financial Services.
Next week, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) will meet from October 4–6 to make decisions regarding interest rates and the direction of policy. The vast majority of experts anticipate that the RBI would keep interest rates on hold.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Wednesday's session:
Parekh said Nifty once again closed on a flat note near 19,650 zone with support maintained near the 19,600 levels with consolidation witnessed in the past the two sessions. As mentioned earlier, the index has got the crucial near-term support zone at around 19,550 levels of the significant 50EMA zone which needs to be sustained.
Bank Nifty has maintained the support near 44,500 levels in the last three sessions witnessing a rangebound movement and a decisive breach above 44,800 is necessary as of now to improve the bias to some extent, according to Parekh.
“The index has the next crucial support zone of 43,600 levels and on the upside a decisive breach above 45,000 levels is much important to improve the overall trend and anticipate for further rise. The support for the day is seen at 19,550 levels while the resistance is seen at 19,800 levels. Bank Nifty would have the daily range of 44,300-45,000 levels,”said Parekh.
Vaishali recommends buying the following stocks:
Buy Hero MotoCorp Ltd at ₹3,034 with a stoploss of ₹2,990 and a target price of ₹3,150.
Buy Mazagon Dock Shipbuilders Ltd at ₹2,234 with a stoploss of ₹2,200 and a target price of ₹2,370.
Buy Mishra Dhatu Nigam Ltd at ₹410.70 with a stoploss of ₹400 and a target price of ₹440.
Nifty Spot Index
Support - 19,550/19,500
Resistance - 19,800/19,850
Bank Nifty Spot Index
Support – 44,300/44,250
Resistance – 45,000/45,050
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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