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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — 1st January

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

  • Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — EIH, Dabur India, McDowell-N

Stock market today: Nifty 50 index has crucial support now placed at 21,550 levels whereas 50-stock index is facing resistance at 21,900 levels, believes Vaishali Parekh of Prabhudas Lilladher.

Buy or sell stocks for today: After showing a sustainable upside move in the last five sessions, Indian stock market gave up its winning streak and ended lower on last trade session of 2023. Nifty 50 index remained in negative territory throughout the session and closed with minor loss of 22 points at 21,731 levels. BSE Sensex finished 0.23 per cent lowe at 72,240 levels whereas Nifty Bank index lost 0.45 per cent and ended at 48,292 levels. However, broader market outperformed with Nifty Mid-cap 100 and Nifty Small-cap 100 up 0.8 per cent and 0.6 per cent respectively.

Intraday trading tips

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is finding resistance at 21,900 levels. However, Prabhudas Lilladher expert maintained that overall stock market sentiment is positive. She said that Nifty today has strong support placed at 21,550 and breaching its resistance, Nifty 50 may touch 22,200 to 22,300 levels.

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — EIH, Dabur India and McDowell-N.

Stock market today

On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty took a breather near 21800 zone halting the ongoing rally finding resistance and remained rangebound for the entire session near 21720 zone with bias maintained positive. As mentioned earlier, the index would have levels near 21550 maintained as the near-term support while the next major targets of 22200-22300 levels are anticipated in the coming days with the strong uptrend still maintained intact."

"Bank Nifty finding resistance near the 48,500 levels slipped down to some extent with near-term support maintained near 48,000 zone whereas 46,300 levels shall remain maintained as the strong support zone overall," said Parekh.

Parekh said that immediate support for Nifty today is placed at 21,600 zone while the resistance is seen at 21,900 level. Bank Nifty would have a daily range of 47,900 to 48,600 levels.

Stocks to buy today

1] EIH: Buy at 249.50, target 264, stop loss 245;

2] Dabur India: Buy at 557, target 590, stop loss 548; and

3] McDowell-N: Buy at 1117, target 1165, stop loss 1100.

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 decision.

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ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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