Buy or sell: Vaishali Parekh recommends three stocks to buy today — 1st June

Buy or sell stocks for today: On account of weak global sentiments, Indian stock market snapped its four days winning streak on Wednesday session. NSE Nifty lost 99 points and closed at 18,534 levels whereas BSE Sensex shed 346 points and ended at 62,622 mark. Bank Nifty index corrected 308 points and finished at 44,128 levels. Broad market indices ended in the positive even as the advance decline ratio remained positive at 1.12:1.

Intraday trading strategy for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that short correction is healthy for the markets as overall trend is still positive on Dalal Street. Prabhudas Lilladher expert went on to add that near term support for Nifty today is placed at 18,460 levels. On stocks to buy today, Vaishali Parekh recommended three intraday trading stocks for today and those day trading stocks are Borosil Renewables, Bombay Dyeing and Intellect Design.

On outlook for Nifty today, Vaishali Parekh said, "Nifty has resisted near the 18650 zone and with profit booking seen has witnessed a slide touching 18500 levels and has turned down the daily trend. With the long term bias and trend maintained positive, a short correction is healthy for the market after the decent rise witnessed and has the near-term support zone near 18460 zone from where we anticipate for further gains to continue."

"Bank Nifty after it resisted near the 44500 zone, it witnessed a gap down opening and slipped to around 43800 zone with some of the frontline banks shedding their gains and with the index having the support near 43500-43600 zone, the overall long term trend is maintained positive," Parekh said.

Parekh went on to add that support for the day is seen at 18400 levels while the resistance is seen at 18700 levels. Bank Nifty would have the daily range of 43800-44600 levels.

Stocks to buy today

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

1] Borosil Renewables: Buy at ₹545, target ₹567, stop loss ₹536;

2] Bombay Dyeing: Buy at ₹83, target ₹87, stop loss ₹81; and

3] Intellect Design: Buy at ₹586, target ₹608, stop loss ₹577.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.