Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 16

Buy or sell stocks for today: In this truncated week on Dalal Street, Indian stock market will resume trade session today after a gap of one day as stock market was closed on Tuesday for Independence Day 2023. On Monday, Nifty and Sensex recovered from morning losses and ended marginally higher. NSE Nifty finished 6 points higher at 19,434 levels, BSE Sensex gained 79 points and closed at 65,401 mark whereas Bank Nifty index lost 108 points and finished at 44,090 levels. Broad market indices fell almost half a per cent even as the advance decline ratio fell to 0.62:1.

Intraday trading strategy for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Indian stock market sentiments have improved after Nifty's pull back from 19,260 zone on Monday. Prabhudas Lilladher expert went on to add that 19,270 to 19,300 zone is expected to remain strong cushion for Nifty today. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Mazagon Dock, Graphite India and DCX Systems.

On outlook for Nifty today, Vaishali Parekh said, "The Nifty index opened on a weak note to touch the low of 19,260 zone after which it witnessed with a massive pullback recovery of 170 points to end on a flat note with sentiment improved. Once again the zone near 19,270 to 19,300 levels proved to be an important support where it has indicated a double bottom formation pattern on the daily chart to anticipate for further gains on the upside."

"Bank Nifty also recovered strongly from the lows of 43,780 level made in the morning session and managed to close above the 44,000 zone with bias improving to some extent. A decisive close above the 44,300 zone would once again improve the trend and can expect for further rise in the coming days with ICICI Bank, Axis Bank and Kotak Bank well placed at current levels," said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at 19,300 levels while the resistance is seen at 19,550 levels. Bank Nifty would have the daily range of 43,700 to 44,500 levels.

Stocks to buy today

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

1] Mazagon Dock: Buy at ₹1863, target ₹1960, stop loss 1840;

2] Graphite India: Buy at ₹439.50, target ₹455, stop loss ₹433; and

3] DCX Systems: Buy at ₹269.50, target ₹284, stop loss ₹266.

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.