Buy or sell: Vaishali Parekh recommends three stocks to buy today — 8th May

Buy or sell stocks for today: On account of HDFC twins share rebalancing by financial index provider MSCI, Indian stock market reduced heavily on Friday. All major key benchmark indices finished lower on the weekend session. BSE Sensex lost to the tune of 1.13 per cent whereas NSE Nifty went down 1.02 per cent. However, Bank Nifty index corrected 2.34 per cent. In broad markets, mid-cap index lost 0.50 per cent while small-cap index went off 0.39 per cent on last session of the week gone by.

Intraday trading strategy for Monday

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that NSE Nifty still rests above crucial support zone of 18,050 levels but a decisive breach below this zone would invite for further heavy selling. Prabhudas Lilladher expert maintained that Nifty closing below 18,050 would lead to heavy weakness in Dalal Street sentiments. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are Exide Industries. Ashok Leyland and SBI Life.

On outlook for Nifty today, Vaishali Parekh said, "Nifty witnessed a weak opening and once again has retested the crucial support zone of 18,050 levels and a decisive breach below this zone would invite for further heavy selling with bias turning very weak anticipating for downward target of 17,800 in the worst case."

"Bank Nifty has also broke the 43000 zone with bias turning further weak and has got the next major support zones near 42,000 levels. The overall bias and sentiment has again turned very cautious with the indices precariously placed and would need some decent pullback to improve the bias. The support for the week is seen at 60000/17700 (Sensex/Nifty) while the resistance is seen at 61800/18400 levels," said Vaishali Parekh.

Parekh went on to add that Bank Nifty would have the weekly range of 41,500-43,800 levels.

Stocks to buy today

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

1] Exide Industries: Buy at ₹187, target ₹200, stop loss ₹182;

2] Ashok Leyland: Buy at ₹144, target ₹155, stop loss ₹140; and

3] SBI Life: Buy at ₹1173, target ₹1250, stop loss ₹1140.

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.