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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 19
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 19

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Crompton Greaves, Sumitomo Chemical, and Poonawalla Fincorp

Stock market today: The Nifty 50 index has decisively breached below the 50EMA level of 22,100 and has the next major support zone at 21,700 of the important 100 period MA level, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has decisively breached below the 50EMA level of 22,100 and has the next major support zone at 21,700 of the important 100 period MA level, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following weak global market cues on the Iran-Israel conflict, the Indian stock market ended lower for the fourth straight session on Thursday. The Nifty 50 index corrected 152 points and finished below the psychological 22,000 level. The BSE Sensex shed 454 points and ended at the 72,489 level whereas the Bank Nifty index lost 415 points and closed at the 47,069 level. Barring IT, Metals & PSU Banks, all sectors ended in red including mid-cap and small-cap.

Vaishali Parekh's stock recommendations

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market trends have turned very cautious with the threat of the trend turning bearish. The Prabhudas Lilladher expert went on to add that the Nifty 50 index has decisively breached below the 50EMA level of 22,100 and has the next major support zone at 21,700 of the important 100 period MA level. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Crompton Greaves, Sumitomo Chemical, and Poonawalla Fincorp.

Also Read: Day trading stocks to buy: Anand Rathi expert recommends three shares to buy

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has indicated a big bearish candle to end below the 22,000 zone with bias and sentiment turning very cautious with the threat of the trend turning bearish. The index has decisively breached below the 50EMA level of 22,100 and has the next major support zone at 21,700 of the important 100 period MA level."

"The Bank Nifty index plunged drastically post-lunch session to end below the 50EMA level of 47,150 to turn weak and is precariously placed with 46,000 zones as the next major support level for the index," said Parekh.

Parekh went on to add that the Senses/Nifty today has immediate support placed at 71900/21800 level while the resistance is seen at 73000/22200 levels. The Bank Nifty would have a daily range of 46,600 to 47,500 levels.

Vaishali Parekh's stocks to buy today

1] Crompton Greaves: Buy at 297.75, target 310, stop loss 291;

2] Sumitomo Chemical: Buy at 400, target 415, stop loss 391; and

3] Poonawalla Fincorp: Buy at 500.50, target 522, stop loss 490.

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 making 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: 19 Apr 2024, 06:45 AM IST
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