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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today as US Fed downplays rate hike buzz
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Buy or sell: Vaishali Parekh recommends three stocks to buy today as US Fed downplays rate hike buzz

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Laurus Labs, IGL, and NHPC

Stock market today: The Nifty 50 index has got the important support zone near the significant 50EMA level of 22,200 believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has got the important support zone near the significant 50EMA level of 22,200 believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Stock market today: Following strong global market sentiments after the conclusion of the US Fed meeting on Wednesday, the Indian stock market is expected to react to this overnight trigger. US Fed chairman Jerome Powell's downplaying the US Fed rate hike buzz is expected to offer some relief to the global markets including Asian and Indian stock markets today. During Wednesday's dealing, US dollar rates came under sell-off pressure and the US dollar index slipped below the 106 mark. This pushed buying in the US stock markets on Wednesday. Dow Jones index finished 0.23 percent higher on Wednesday whereas the Smallcap 2000 index finished 0.12 percent higher. However, the S&P 500 and tech-heavy Nasdaq finished in the red zone.

Vaishali Parekh's stock recommendations

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has crucial support placed at the 22,200 level whereas the 50-stock index is facing a hurdle at the 22,800 level. The Prabhudas Lilladher expert went on to add that the 50-stock index needs to breach this hurdle on a closing basis to improve the Indian stock market sentiments. On stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks for today — Laurus Labs, IGL, and NHPC.

Also Read: Trade setup for stock market today: Seven stocks to buy or sell on Thursday

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has picked up gradually and retested the previous peak zone at around 22,780 zones where it has shown resistance and witnessing some profit booking the index slipped to end near 22,600 zones. The index has got the important support zone near the significant 50EMA level of 22,200 which needs to be sustained and on the upside, the 22,800 levels needs to be breached to confirm a breakout."

"The Bank Nifty index has almost touched the 50,000 zone during the final hours but thereafter witnessed profit booking to end the session near the 49,400 zone. The index has the near-term support at 49,000 levels whereas the 50,100 zone would be the resistance level which needs to be breached," said Parekh.

Parekh went on to add that Nifty today has immediate support placed at 22,500 levels while the resistance is seen at 22,750 levels. Bank Nifty would have a daily range of 49,000 to 50,000 levels.

Vaishali Parekh's stocks to buy today

1] Laurus Labs: Buy at 450, target 474, stop loss 440;

2] IGL: Buy at 469.20, target 490, stop loss 460; and

3] NHPC: Buuy at 96.20, target 100, stop loss 94.

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
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Published: 02 May 2024, 07:52 AM IST
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