Buy or sell: Vaishali Parekh recommends three stocks to buy today — 4th August

Buy or sell stocks for today: Following weak global cues, Indian stock market ended lower on third day in a row. NSE Nifty lost 144 points and closed at 19,381 levels, BSE Sensex corrected 542 points and finished at 65,240 mark whereas Bank Nifty index ended 482 points lower at 44,513 levels. Broad market indices ended in the positive even as the advance decline ratio closed at 1.06:1.

Intraday trading strategy for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the levels near 19,600 to 19,650 would be the near-term resistance barrier, which needs to be breached decisively to improve the Indian stock market bias. Prabhudas Lilladher expert went on to add that outlook for Bank Nifty index has also gone cautious to weak as it breached 50 DEMA support of 44,650 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Tourism Finance, IRCTC and Zydus Life.

On outlook for Nifty today, Vaishali Parekh said, "Nifty index extended the loss further with another bearish candle formation to register three consecutive losing sessions from 19,800 zone and took support near the crucial 19,300 zone witnessing some pullback recovery in the final hours. As said earlier, the levels near 19600-19650 would be the near-term resistance barrier which needs to be breached decisively to improve the bias overall once again."

"Bank Nifty also broke the important 50 DEMA levels of 44,650 zone during the intraday session to further weaken the trend and has the next major support of 44,600 zone which needs to be sustained. On the upside, a decisive breach above 45,000 is necessary to improve the bias to some extent and anticipate for further rise," said Parekh.

Parekh went on to add that Nifty today has immediate support placed at 19,300 levels while the resistance is seen at 19,500 levels. Bank Nifty would have the daily range of 44,300 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] Tourism Finance: Buy at ₹85.50, target ₹92, stop loss ₹84;

2] IRCTC: Buy at ₹660, target ₹690, stop loss ₹650; and

3] Zydus Life: Buy at ₹640, target ₹665, stop loss ₹630.

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.