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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 2

Buy or sell stocks for today: The Sensex and Nifty both closed on August 1 with minor losses of 0.1 percent each. However, Nifty Midcap and Nifty Smallcap registered gains, closing higher by 0.03 percent and 0.68 percent, respectively.

Among the top gainers were Nifty IT, Nifty Metal, and Nifty Pharma, while Nifty Realty, Nifty PSU Bank, and Nifty FMCG were among the top losers.

NTPC, Coal India, and Tech Mahindra were notable gainers, whereas Power Grid Corporation of India, Hero Motocorp, and Apollo Hospitals were among the major losers from the Nifty 50 index.

The broader market exhibited a positive sentiment, with about 1,290 stocks advancing and 671 stocks declining. India VIX, a gauge of market volatility, saw a decline of 1.25 percent.

Intraday trading strategy for Wednesday

On outlook for Nifty today, Vaishali Parekh, Vice President — Research at Prabhudas Lilladher said, “Nifty index has been hovering near the 19600-19800 zone for quite some time with consolidation witnessed and has maintained the important support zone of 19600 levels as mentioned earlier. The broader market indices are performing well once again while the frontline stocks have somewhat remained stagnant overall with 19800 zone acting as the near-term resistance barrier."

“Bank Nifty also has remained sluggish with very narrow rangebound movement hovering near the 45500-45650 zone for major part of the trading session. The levels near 45000 remains as the crucial and strong support zone as of now and upside a decisive breach above 46300 zone is much required to indicate a breakout for fresh upward move," she added

According to Vaishali Parekh, the support for the day is seen at 19,650 levels while the resistance is seen at 19,850 levels. BankNifty would have the daily range of 45,400-46,000 levels.

Stocks to buy today

Rites: Buy at 465, Stop Loss: 459, Target: 484

Mahindra & Mahindra: Buy at 1,493, Stop Loss 1,475, Target: 1,540

Eicher Motors: Buy at 3,415, Stop loss: 3,360, Target: 3,530

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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Updated: 02 Aug 2023, 07:28 AM IST
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