Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 8

Buy or sell stocks for today: After showing sharp weakness on the rise on Tuesday, the Indian stock market shifted into a sustainable upside bounce on Wednesday. The Nifty 50 index finished 322 points upward at 24,315, whereas the BSE Sensex ended 874 points higher at 79,468. The Bank Nifty index gained 472 points and closed at 50,221. However, the broad market outperform the frontline indices. The small-cap index gained 2.39 per cent, while the mid-cap index surged 2.63 per cent.

Buy or sell stocks by Vaishali Parekh

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the market mood improved after the Nifty 50 index sustained above the crucial 50-EMA zone of 23,970. The Prabhudas Lilladher expert said that the Nifty today faces hurdles at 24,700 zones, which must be breached decisively for the upward move to continue.

Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks: GNFC, NBCC, and Crompton Greaves.

Stock market today

On the outlook for the Nifty today, Vaishali Parekh said, "The Nifty index, after two consecutive sessions holding on to the significant 50-EMA zone of 23,970 levels maintaining a good support base, has witnessed a decent pullback to improve the bias and sentiment, closing near the 24,300 zone. The next important resistance level would be the 24,700 zone, which must be breached decisively to continue the upward move with conviction further."

"The Bank Nifty index, maintaining the 49,700 zone as the support, has ended above the 50,100 levels and would need to sustain above the 51,000 zone for the bias to improve overall. HDFC Bank has been holding on with strong support, witnessed near ₹1590 to ₹1600 zone, and can help pull the index above the 51000 zone," said Parekh.

Parekh said that immediate support for Nifty today is placed at 24,200 while the resistance is seen at 24,500. The Bank Nifty would have a daily range of 49,800 to 50,500.

Vaishali Parekh's recommendations today

1] GNFC: Buy at ₹666.45, target ₹695, stop loss ₹652;

2] NBCC: Buy at ₹171.30, target ₹180, stop loss ₹167; and

3] Crompton Greaves: Buy at ₹435, target ₹460, stop loss ₹425.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.