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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends these 2 stocks to buy today — 16 Sept

Stocks to buy or sell today: On account of global recession fears, Indian stock market finished in negative territory on second successive session on Thursday. Nifty 50 index finished 126 points south at at 17,877 while BSE Sensex ended 412 points lower at 59,934 levels. Nifty Bank index went off 196 points and ended at 41,209 levels.

Vaishali Parekh recommendations

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that overall bias for Bank Nifty is still positive whereas Nifty is above crucial support. For traders who practice 'stock specific' trade, Vaishali Parekh of Prabhudas Lilladher recommended two stocks to buy today. Those two stocks are Power Finance Corporation (PFC) and Mahanagar Gas Ltd (MGL).

On Nifty technical outlook, Vaishali Parekh of Prabhudas Lilladher said, "Nifty after the strong recovery witnessed a day before once again resisted near the 18,100 levels witnessing some profit booking to close in the red near 17,900 zone turning the daily trend down after 5 days."

Prabhudas Lilladher expert went on to add, "Bank Nifty also took a breather near the 41,800 levels and slipped to consolidate near 41,200 zone to close losing 196 points. For Bank Nifty, the overall bias is still maintained positive with the daily trend maintained up and as of Nifty the near term support zone of 17,700 levels should be sustained failing which the bias shall turn little bit cautious. However, the support for the day is seen at 17,750 while the resistance is seen at 18,000. Bank Nifty would have the daily range of 40,800 to 41,700 levels."

Buy or sell stocks for today

Here we list out details in regard to two stocks recommended by Vaishali Parekh of Prabhudas Lilladher:

1] PFC: Buy at 118.50, target 124, stop loss 116; and

2] MGL: Buy at 895, target 940, stop loss 872.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 16 Sep 2022, 07:39 AM IST
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