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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — 12th May

Buy or sell stocks for today: Following weakness in the Asian stock market due to growing deflationary pressures in China, Indian stock market ended mixed as two out of three key benchmark indices closed lower on Thursday. NSE Nifty lost 18 points and closed at 18,297 levels while BSE Sensex went off 35 points and ended at 61,904 levels. However, Bank Nifty index provided support to the market bulls and finished 144 points higher at 43,475 levels. In board markets, mid-cap index gained 0.36 per cent whereas small-cap index surged to the tune of 0.68 per cent.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty is trading range-bound and it is facing resistance at 18,400 to 18,450 zone. Prabhudas Lilladher expert went on to add that amid frontline stocks taking a breather, mid-cap and small-cap stocks are witnessing active participation of the market bulls. On stocks to buy today, Vaishali Parekh recommended three day trading stocks for intraday trading and those three shares are Havells, BSE and Pidilite Industries.

On outlook for Nifty today, Vaishali Parekh said, "Nifty overall is witnessing a rangebound session for quite some time consolidating near 18,300 zone maintaining the support near 18,200 whereas finding tough resistance near 18,350 zone. With frontline stocks taking a breather, mid-cap and small-cap stocks are witnessing active participation with broader market indices like mid-cap100 and small-cap 250 outperforming the benchmark indices."

"Bank Nifty also has the resistance zone near 43,800 levels and is slowly and gradually inching ahead closing in the green. As said earlier, one need to check for the 43,700-43,800 levels which is a crucial barrier above which one can anticipate for fresh directional movement in the coming days," said Parekh.

Parekh went on to add that support for the day is seen at 18,200 levels while the resistance is seen at 18,450 levels. Bank Nifty would have the daily range of 43,000-43,800 levels.

Stocks to buy today

As mentioned above, Vaishali Parekh has recommended three day trading stocks for today and here are full details in regard to those shares:

1] Havells: Buy at 1282, target 1312, stop loss 1265;

2] BSE: Buy at 540, target 565, stop loss 530; and

3] Pidilite Industries: Buy at 2566, target 2660, stop loss 2520.

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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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 12 May 2023, 06:33 AM IST
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