BackBuy or sell: Vaishali Parekh recommends three stocks to buy today — 9th May
Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Greaves Cotton, BHEL and Federal Bank
PremiumBuy or sell stocks for today: After taking a pause on Friday session, Indian stock market regained momentum and closed higher on Monday. 50-stock index NSE Nifty gained 195 points and closed at 18,264 whereas 30-stock index BSE Sensex surged 709 points and finished at 61,764 levels. However, Bank Nifty outperformed other key benchmark indices as the index shot up 622 points and ended at 43,284 levels.
Intraday trading strategy for stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that pullback recovery on Dalal Street has improved market sentiments. Prabhudas Lilladher expert went on to add that Nifty Bank index has almost reached to the decisive zone of 43,500 levels and a decisive breach of this hurdle would mean an extended upside move in the banking stock index. On stocks to buy today, Vaishali Parekh recommended three day trading stocks and those three intraday stocks for today are Greaves Cotton, BHEL and Federal Bank.
On outlook for Nifty today, Vaishali Parekh said, "Nifty gave a decent pullback recovery to improve sentiment & closing above the crucial zone of 18,250 levels," adding "Bank Nifty has also witnessed a significant recovery to reach almost the important zone of 43,500 levels but marginally missed it, and a decisive move past that zone would further improve the bias with conviction for an extended upward move in the coming days. The overall bias and sentiment have improved, but the possibility of volatility and fluctuations cannot be ruled out."
Parekh went on to add that the support for the day is seen at 61,300/18,120 (Sensex/Nifty), while the resistance is seen at 62,200/18,400. Bank Nifty would have a daily range of 42,800–43,800 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks to buy today, here we list out full details in regard to those intraday stocks:
1] Greaves Cotton: Buy at ₹140, target ₹160, stop loss ₹130;
2] BHEL: Buy at ₹81.70, target ₹90, stop loss ₹78; and
3] Federal Bank: Buy at ₹129, target ₹142, stop loss ₹123.
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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