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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 23
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 23

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — HCL Technologies, Coal India Ltd, and National Aluminium Company

Stock market today: The Nifty 50 index has crucial support now placed at 21,800 whereas the 50-stock index is facing resistance at 22,400 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has crucial support now placed at 21,800 whereas the 50-stock index is facing resistance at 22,400 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: On account of sharp selling in small and mid-cap stocks, the Indian stock market opened lower on Thursday. However, bulls came back strongly in the last session and most of the Indian sectors witnessed sharp buying, which helped Dalal Street recuperate its losses and end higher. Except for the Bank Nifty index, all sectors ended in the green zone with IT and auto being the outperformers.

The Nifty 50 index finished 162 points higher at the 22,217 level, the BSE Sensex gained 535 points and closed at the 73,158 mark while the Bank Nifty index ended 99 points lower at the 46,919 level. In the broad market, the mid-cap index outperformed the Nifty 50 index even as the advance-decline ratio improved to 1.22:1.

Also Read: Bosch, Bharat Forge, National Aluminium, Sun TV among 21 stocks to trade ex-dividend today

Global stocks rallied, with Japan’s benchmark hitting a record high and Europe’s on track to do the same after Nvidia’s blowout sales forecast reinforced investor conviction in the boom in generative AI use.

Intraday trading tips for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market mood has turned positive after the strong rebound on Thursday's session. The Prabhudas Lilladher expert said that the Nifty 50 index is now heading for its immediate targets placed at 22,400 and 22,800 levels.

Also Read: Stock market today: SAIL, Biocon, ZEEL among 15 stocks under F&O ban list today

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — HCL Technologies, Coal India Ltd, and National Aluminium Company or NALCO.

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "Nifty 50 index witnessed a slightly weak morning session but taking support from 21,880 zones, it witnessed a strong pullback to erase the loss and a decisive breach above 22,000 zones, further strengthened the bias to record the All-Time High level of 22,252 during the intraday session. With sentiment maintained positive, we anticipate the index to achieve the next targets of 22,400 and 22,800 levels, respectively in the coming days."

"Bank Nifty witnessed a decent revival from the 46,400 zone but resisted near the 47,000 levels to end lower near the 46,900 zone and has been underperforming as compared to the Nifty index. The index would have the important support of 50EMA level near the 46,200 zone and would need a decisive breach above 47,400 levels to improve the bias," said Parekh.

Parekh went on to add that the immediate support for Nifty today is placed at the 22,100 level, while the resistance is seen at the 22,400 mark. Bank Nifty would have a daily range of 46,600 to 47,500 levels.

Stocks to buy today

1] HCL Technologies: Buy at 1686.40, target 1755, stop loss 1650;

2] Coal India: Buy at 445.15, target 467, stop loss 435; and

3] NALCO: Buy at 161.60, target 173, stop loss 157.

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.o R

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 23 Feb 2024, 06:40 AM IST
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