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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 21
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 21

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Gujarat Ambuja Exports Limited (GAEL), SRF Ltd, and Swan Energy.

Stock market today: Vaishali Parekh of Prabhudas Lilladher believes that the next near-term target for Nifty 50 will be 22,400. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Vaishali Parekh of Prabhudas Lilladher believes that the next near-term target for Nifty 50 will be 22,400. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Domestic market benchmark Nifty 50 crossed the coveted 22,000 mark for the first time, hitting its fresh record high of 22,215.60, in intraday trade in the previous session, with shares of HDFC Bank, Axis Bank and Power Grid among the top contributors. The domestic market witnessed significant volatility on Tuesday, with the Nifty 50 index swinging 170 points during the session.

The Nifty 50 finally closed 75 points, or 0.34 per cent, higher at 22,196.95. This was the sixth consecutive session of gains for the benchmark index. In these six sessions of gains, Nifty 50 has jumped nearly three per cent. Sensex closed 0.48 per cent higher at 73,057.40. Gains in select banking heavyweights, including HDFC Bank, Axis Bank, Kotak Mahindra Bank and ICICI Bank, helped market benchmarks end in positive territory on February 20.

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The frontline indices shrugged off a drop of 0.2 per cent in the first hour of trade to extend their winning streak to a sixth straight session, their longest winning run in 10 weeks. Financials, the heaviest-weighted among the 13 major sectoral indexes, added 1.23 per cent. The broader, more domestically focussed small- and mid-caps shed 0.53 per cent and 0.13 per cent, underperforming the benchmarks.

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the near-term target for the Nifty 50 index would be 22,400 levels and with strength sustaining, it can march ahead to next target of 22,800 levels with near-term support maintained at 22,000 zone.

The Prabhudas Lilladher expert added that Bank Nifty index can carry on with the momentum for next targets of 48,200 and 48,800 levels in the coming days provided the important support of 46,800 zone is sustained.

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Gujarat Ambuja Exports Limited (GAEL), SRF Ltd, and Swan Energy.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, ‘’Nifty surged ahead to make new high once again breaching above the 22,200 zone during the intraday session with the index positioned strongly with further rise anticipated in the coming days.'' Parekh went on to add that the support for the day is seen at 22,050 while the resistance is seen at 22,350.

On Bank Nifty, Parekh said, ‘’Bank Nifty has indicated a breakout above the 46,800 zone to anticipate for further fresh upward with bias and sentiment turning much positive.'' Bank Nifty would have the daily range of 46,700-47,600 levels.

Nifty Spot Index

Support – 22,050

Resistance - 22,350

Bank Nifty Spot Index

Support – 46,700

Resistance – 47,600

 

Stocks to buy today

1.GAEL: Buy GAEL at 386, Target 405, Stop Loss 377

2.SRF Ltd: Buy SRF at 2,383, Target 2,470, Stop Loss 2,335

3.Swan Energy: Buy Swan Energy at 751.30, Target 790, Stop Loss 735.

 

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: 21 Feb 2024, 06:02 AM IST
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