Buy or sell: Vaishali Parekh recommends three stocks to buy today — 8th June
Buy or sell stock: Vaishali Parekh has recommended three stocks to buy today — Jindal Steel, Power Grid, Finolex Cables
PremiumBuy or sell stocks for today: Following strong global cues, Indian stock market ended higher on fourth day in a row on Wednesday. NSE Nifty gained 127 points and closed at 18,726 levels, BSE Sensex ended 350 points higher at 63,142 mark whereas Bank Nifty index added 110 points and finished at 44,275 levels. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.05:1.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty may retest its previous peak of 18,887 after breaching its hurdle placed at 18,650 levels. Prabhudas Lilladher went on to add that stock market sentiment has further improved and expected that buying interest in frontline stocks like Reliance Industries Ltd or RIL, Axis Bank, L&T, HDFC twins, Bharti Airtel, TCS, etc. may further go upside. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Jindal Steel, Power Grid and Finolex Cables. However, Parekh advised intraday traders to remain vigilant about the RBI monetary policy meeting outcome, which is expected today.
On outlook for Nifty today, Vaishali Parekh said, "Nifty has finally breached above the resistance of 18,650 zone to improve the bias and optimistic to retest the previous peak level of 18,887 in the coming days with strong sentiments visible from frontline stocks like RIL, Axis Bank, L&T, HDFC twins, Bharti Airtel, TCS and many more. The levels near 18,450 remain as the crucial support zone for the index with all eyes focussed on the RBI MPC meeting outcome."
"Bank Nifty on the other hand, witnessed rangebound movement with a gradual pickup overall anticipating for retesting the peak zone with some of the major frontline banking stocks showing prominent positive move. As said earlier, the index has 44,500 zone as the barrier which need to be breached decisively whereas on the downside, the 43,700 level would remain as the important support zone."
Parekh went on to add that support for Nifty today is placed at 18,600 levels while the resistance is seen at 18,900 levels. Bank Nifty would have the daily range of 43,900 to 44,700 levels.
Stocks to buy today
As mentioned earlier, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Jindal Steel: Buy at ₹531, target ₹555, stop loss ₹520;
2] Power Grid: Buy at ₹239, target ₹248, stop loss ₹235; and
3] Finolex Cables: Buy at ₹798, target ₹835, stop loss ₹787.
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.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
