Buy or sell: Vaishali Parekh recommends three stocks to buy today — 11th August

Buy or sell stocks for today: Indian stock market ended lower on Thursday after a a hawkish sounding RBI MPC meeting outcome. NSE Nifty lost 89 points and closed at 19,543 levels, BSE Sensex corrected 307 points and finished at 65,688 mark whereas Bank Nifty crashed 338 points and ended at 44,541 levels. Broad market indices fell less than the Nifty even as the advance decline ratio dipped below par at 0.78:1.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty today has major support zone placed at 19,300 levels. Prabhudas Lilladher expert went on to add that a decisive breach of 19,800 levels would mean further upside momentum at the key benchmark index. On stocks to buy today, Vaishali Parekh recommended three intraday stocks to buy today and those day trading stocks are Can Fin Homes, West Coast Paper and KRBL.

On outlook for Nifty today, Vaishali Parekh said, "Nifty had a volatile session with wild swings witnessed during the intraday session just after the announcement of the RBI monetary policy and closed in the red near 19,550 zone slightly maintaining a cautious approach overall. The levels near 19,300 is still the major support zone for the index while a decisive breach 19,800 is needed to carry on the momentum further ahead with conviction."

"Bank Nifty witnessed huge fluctuations between 45,000 and 44,500 levels during the intraday session and closed near the lower end with bias turning into cautious mode. A decisive breach below 44,300 zone would trigger for fresh downward slide weakening the trend with next major support lying near 43,400 levels," said Parekh.

Parekh went on to add that Nifty today has support placed at 19,400 levels while the resistance is seen at 19,700 levels. Bank Nifty would have the daily range of 44,200 to 45,000 levels.

Stocks to buy today

As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:

1] Can Fin Homes: Buy at ₹751, target ₹785, stop loss ₹740;

2] West Coast Paper: Buy at ₹501, target ₹525, stop loss ₹492; and

3] KRBL: Buy at ₹412.50, target ₹430, stop loss ₹405.

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.