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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 29
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 29

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — CUB, Godrej Properties, and Pidilite Industries

Stock market today: The Indian stock market bias has turned cautious as the Nifty 50 index succumbed to the short-term resistance placed at 22,600 level, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Indian stock market bias has turned cautious as the Nifty 50 index succumbed to the short-term resistance placed at 22,600 level, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: After rising for five straight sessions, the Indian stock market came under profit-booking stress and ended lower on Friday last week. The Nifty 50 index lost 150 points and closed at the 22,419 level, the BSE Sensex shed 609 points and finished at the 73,730 mark whereas the Bank Nifty index corrected 293 points and ended at the 48,201 level. However, the broad market continued to rally northward even as the advance-decline ratio remained firm at 1.06:1. The small-cap index gained 0.27 percent whereas the mid-cap index shot up 0.83 percent.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has turned cautious as the Nifty 50 index succumbed to the short-term resistance placed at 22,600 level. The Prabhudas Lilladher expert went on to add that the 50-stock index now has an important support zone near the significant 50EMA level of 22,150. Parekh said that Nifty breaching below this support may turn the Indian stock market bias weak. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — CUB, Pidilite Industries, and Godrej Properties.

Also Read: Stock market today: Trade setup for Nifty 50 to Sensex, six stocks to buy or sell on Monday — April 29

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index after witnessing a bullish candle formation in the previous session, succumbed to profit booking finding resistance near the 22,600 levels and eroded some of its gains having the important support zone near the significant 50EMA level of 22,150 below which the bias can turn weak."

Also Read: Day trading stocks to buy: Anand Rathi expert recommends 3 shares to buy today

"The Bank Nifty index after the decent pullback witnessed from 46,600 levels resisted near the 48,650 zone and with the overall bias maintained positive further move can be expected till targets of 49,000 and 49,500 levels in the coming days. The index would have 47,300 of the important 50EMA level as the near-term support zone as of now," said Parekh.

Parekh went on to add that Nifty today has immediate support placed at 22,300 levels while the resistance is seen at 22,600 levels. The Bank Nifty would have a daily range of 47,800 to 48,600 levels.

Buy or sell stock picks by Vaishali Parekh

1] City Union Bank or CUB: Buy at 160.25, target 170, stop loss 156;

2] Pidilite Industries: Buy at 2982, target 3120, stop loss 2920; and

3] Godrej Properties: Buy at 2635, target 2760, stop loss 2580.

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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Asit Manohar
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Published: 29 Apr 2024, 06:53 AM IST
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