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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends buying these three stocks today - January 10
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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.

Vaishali Parekh recommends buying DCX Systems Ltd, Laurus Labs Ltd, and TD Power Systems Ltd on Wednesday's session. (iStock)Premium
Vaishali Parekh recommends buying DCX Systems Ltd, Laurus Labs Ltd, and TD Power Systems Ltd on Wednesday's session. (iStock)

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.

Also Read: Stock market today: Nifty 50, Sensex end flat; BSE Smallcap hits fresh all-time high

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.

Also Read: Stocks to Watch: M&M, Lupin, Delta Corp, PFC, Steel Strips Wheels, KIOCL

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 21,700–21,750 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 48000–48200 zone decisively for a fresh further upside move, with currently 46300 levels maintained as a good support zone, according to Parekh.

Also Read: Day trading guide for stock market today: Six stocks to buy or sell on 10th January

“However, 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 46,800–47,800 levels," said Parekh.

Vaishali recommends buying the following stocks:

Buy DCX Systems Ltd at 352.35 with a stoploss of 340 and a target price of 375.

Buy Laurus Labs Ltd at 424.40 with a stop loss of 410 and a target price of 460.

Buy TD Power Systems Ltd at 282.25 with a stop loss of 275 and a target price of 300.

Nifty Spot Index

Support – 21,400/21,450

Resistance - 21,750/21,800

Bank Nifty Spot Index

Support – 46,800/46,900

Resistance – 47,800/48,000

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US trade deficit to oil prices

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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Published: 10 Jan 2024, 07:40 AM IST
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