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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — 7th August
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — 7th August

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — IndusInd Bank, Chalet Hotels and BEL

Stock market today: Nifty today is looking positive and it may go up to 19,650 levels, believes Vaishali Parekh of Prabhudas Lilladher.Premium
Stock market today: Nifty today is looking positive and it may go up to 19,650 levels, believes Vaishali Parekh of Prabhudas Lilladher.

Buy or sell stocks for today: After falling on three days in a row on weak global market sentiments, Indian stock market ended higher on Friday. NSE Nifty added 135 points and closed at 19,517 levels, BSE Sensex went up 480 points and finished at 65,721 mark whereas Bank Nifty index shot up 366 points and ended at 44,879 levels. Broad market indices rose in tandem with the Nifty even as the advance decline ratio remained firm at 1.90:1.

Intraday strategy for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty witnesses a decent pull back from 19,300 levels and it may go up to 19,600 to 19,650 levels. Prabhudas Lilladher expert went on to add that stock market sentiment has improved to some extent and Nifty's decisive breach above 19,650 zone shall further strengthen the trend to retest the psychological 20,000 landmark once again. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are IndusInd Bank, Chalet Hotels and BEL.

On outlook for Nifty today, Vaishali Parekh said, "Nifty index witnessed a decent recovery from the important 19300 zone and has formed almost like a “Morning Star" like pattern on the daily chart anticipating for further pullback till 19,600 to 19,650 levels. The bias has improved to some extent and a decisive breach above 19,650 zone shall further strengthen the trend to retest the psychological 20,000 landmark once again."

"Bank Nifty also witnessed a decent pullback to close above the 44,700 zone which is where the significant 50 DEMA level lies to improve the bias. The index has got the important near-term support at around 44,300 zone and on the upside if the pullback recovery sustains above the 45,500 levels, then the overall bias shall turn positive anticipating for further rise to retest the peak zone 46,370 levels."

Parekh went on to add that Nifty today has immediate support placed at 19,400 levels while the resistance is seen at 19,650 levels. Bank Nifty would have the daily range of 44,600 to 45,300 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] IndusInd Bank: Buy at 1409, target 1450, stop loss 1385;

2] Chalet Hotels: Buy at 486.50, target 505, stop loss 480; and

3] BEL: Buy at 127.50, target 133, stop loss 125.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 07 Aug 2023, 07:22 AM IST
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