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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 14
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 14

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Coromandel International, Usha Martin, and Caplin Point Laboratories.

Nifty 50 needs to decisively breach above the 21,800 barrier to establish conviction for further rise, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Nifty 50 needs to decisively breach above the 21,800 barrier to establish conviction for further rise, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Domestic equity benchmarks Nifty 50 and Sensex ended higher in the previous session on gains led by select banking heavyweights, including ICICI Bank, Axis Bank and Kotak Mahindra Bank. Additionally, Reliance Industries also emerged among the top contributors to the market gains, as the stock hit its new record high during the trading session.

Weak global cues, however, capped the gains of the domestic market as investors waited for the US inflation data which will influence the the policy decisions of the US Federal Reserve. Market participants are expecting rate cuts by the Fed this year. However, recent strong US data dampened expectations of rate cuts as early as March.

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The domestic market traded with gains for the most part of the day. Nifty 50 rose 127 points, or 0.59 per cent, to end at 21,743.25 while the Sensex closed at 71,555.19, up 483 points, or 0.68 per cent. Mid and smallcaps also ended in the positive territory. The BSE Midcap index rose 0.61 per cent while the Smallcap index ended with a small gain of 0.18 per cent.

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 needs to decisively breach above the 21,800 barrier to establish conviction for further rise. 

The Prabhudas Lilladher expert added that Bank Nifty been gripped between the range of 45,800 and 44,800 levels for the past four sessions and would need a decisive breach on either side for further confirmation of the trend.

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Coromandel International, Usha Martin, and Caplin Point Laboratories.

Also Read: Corporates likely to report 15% EPS growth in FY25; Steel sector to outshine, IT boasts high valuations

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, ‘’Nifty has been oscillating between the zone of 21,500 and 21,800 levels for quite some time and once again witnessed a pullback from near the 21,550 level to end on a quite positive note near 21,750 levels with the broader market once again showing active participation.'' 

Parekh went on to add that immediate support for Nifty 50 today is placed at 21,600 while the resistance would be at the 21,900 mark. On Bank Nifty, Parekh said, ‘’Bank Nifty has been maintaining the important 200 period MA of 44,900 as the crucial support zone as of now. The index would have the daily range of 45,000-46,000 levels.''

Nifty Spot Index

Support – 21,600

Resistance - 21,900

Bank Nifty Spot Index

Support – 45,000

Resistance – 46,000
 

Stocks to buy today

1.Coromandel International: Buy at 1,100.65, Target 1,150, Stop Loss 1,075

2.Usha Martin: Buy at 332.90, Target 348, Stop Loss 325

3.Caplin Point Laboratories: Buy at 1,527, Target 1,580, Stop Loss 1,500

 

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.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 14 Feb 2024, 05:57 AM IST
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