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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 20
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 20

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Sun Pharma, Cochin Shipyard, and Grasim Industries

Stock market today: Vaishali Parekh of Prabhudas Lilladher believes that the Nifty 50 index is now heading for the immediate target of 22,400 and 22,800 levels. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Vaishali Parekh of Prabhudas Lilladher believes that the Nifty 50 index is now heading for the immediate target of 22,400 and 22,800 levels. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: On account of the participatory rally in majority segments, the Indian stock market ended higher for the fifth straight session. The Nifty 50 index hit a new high of 22,186 before ending at 22,122 level. The BSE Sensex shot up 281 points and closed at the 72,708 mark while the Bank Nifty index added 150 points and ended at 46,535 level. The small-cap index outperformed the Nifty 50 index even as the advance-decline ratio remained high at 1.55:1.

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the outlook for the Indian stock market is highly bullish. The Prabhudas Lilladher expert went on to add that the Nifty 50 index is now heading for the immediate target of 22,400 and 22,800 levels. However, Parekh said that Nifty today has crucial support placed at 21,800 level and any dip in the index should be seen as a buying opportunity.

Also Read: Zee, Ashok Leyland, Bandhan Bank among 11 stocks under F&O ban list today

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Sun Pharma, Cochin Shipyard, and Grasim Industries.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty created history once again hitting the All-Time High level of 22,186 figure during the intraday session gaining for the 4th consecutive session strengthening the trend and is anticipated for further gains. With the strong support maintained near the 21,800 zone, the index is expected for higher targets of 22,400 and 22,800 levels in the coming days."

Also Read: SAIL, CIL, Apollo Hospitals, MSTC among 14 stocks to trade ex-dividend today

"Bank Nifty once again witnessed resistance near the 46,700 zone and overall remained subdued for the entire session. As mentioned earlier, the index would have the crucial hurdle of 46,800 levels which need to be breached to expect further upward move while on the downside the levels near the significant 50EMA zone of 46,100 would be the near-term support level," said Parekh.

Parekh went on to add that the immediate support for Nifty today is placed at 22,000 while the resistance is seen at 22,300. Bank Nifty would have a daily range of 46,200 to 47,000 levels.

Stocks to buy today

1] Sun Pharma: Buy at 1530, target 1600, stop loss 1500;

2] Cochin Shipyard: Buy at 851, target 900, stop loss 830; and

3] Grasim Industries: Buy at 2168, target 2250, stop loss 2130.

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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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 20 Feb 2024, 07:34 AM IST
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