Buy or sell: Vaishali Parekh recommends buying these three stocks today - January 10
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy for Wednesday - DCX Systems Ltd, Laurus Labs Ltd, and TD Power Systems Ltd.
Stock Market News: Domestic benchmark indices Nifty 50 and Sensex ended flat on Tuesday sessions in the midst of mixed global cues. Moreover, the investors are looking forward to important macroeconomic data as well as the December quarter earnings of IT giants Tata Consultancy Services (TCS) and Infosys, scheduled this week.
The 30-share BSE Sensex ended slightly higher by 30.99 points, or 0.04%, at 71,386.21, after rising sharply during the day. The Nifty 50 ended the day 31.85 points, or 0.15%, higher at 21,544.85.
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The BSE smallcap gauge rose 0.37% and the midcap index increased 0.07% in the broader market.
Among the sectoral indices, realty surged 2.52%, power rose 1.1%, autos jumped 1.02%, healthcare rose 0.90%, capital goods jumped 0.89%, and consumer discretionary rose 0.68%.
Conversely, the loser sectors were consumer durables, bankex, telecommunication, and FMCG.
"Positive sentiments in the Indian IT sector fuelled by a US tech rally and demand on emerging technologies, overshadowed the anticipated muted Q3 results of the sector. Auto & realty continued to remain favourites on account of strong demand. Market optimism about potential softening of US inflation is driving expectations of near-term rate cuts, bolstering overall sentiment. But in-between profit booking is emerging due to mixed cues from Asian markets as well high valuation concerns," said Vinod Nair, Head of Research, Geojit Financial Services.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Wednesday's session:
Nifty 50 daily range 21,400-21,700
Parekh said Nifty 50 has been hovering between a tight range for some time with bias maintained positive and, as said earlier, needs to breach the 21,700тАУ21,750 zone decisively to indicate a fresh breakout for further upward move. At the same time, the 21,450 levels, where 20 DMA lies, are acting as a strong support zone as of now. With a break below 20 DMA, the next support is at the 21,250 level.
Bank Nifty also has the overall sentiment and bias intact and needs to breach the 48000тАУ48200 zone decisively for a fresh further upside move, with currently 46300 levels maintained as a good support zone, according to Parekh.
тАЬHowever, the support for the day is seen at 70,900/21,400, while the resistance is seen at 71,800/21,700. Bank Nifty would have a daily range of 46,800тАУ47,800 levels,тАЭ said Parekh.
Vaishali recommends buying the following stocks:
Buy DCX Systems Ltd at тВ╣352.35 with a stoploss of тВ╣340 and a target price of тВ╣375.
Buy Laurus Labs Ltd at тВ╣424.40 with a stop loss of тВ╣410 and a target price of тВ╣460.
Buy TD Power Systems Ltd at тВ╣282.25 with a stop loss of тВ╣275 and a target price of тВ╣300.
Nifty Spot Index
Support тАУ 21,400/21,450
Resistance - 21,750/21,800
Bank Nifty Spot Index
Support тАУ 46,800/46,900
Resistance тАУ 47,800/48,000
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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