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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 6
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 6

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Cipla, Sonata Software, and GAIL

Stock market today: Nifty 50 index has crucial support placed at 21,500 whereas 50-stock index is facing resistance at 22,000 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Nifty 50 index has crucial support placed at 21,500 whereas 50-stock index is facing resistance at 22,000 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: On account of strong selling ahead of the closing bell, the Indian stock market ended lower on Monday. The Nifty 50 index lost 82 points and closed at the 21,771 level, the BSE Sensex shed 354 points and closed at the 71,731 mark whereas the Bank Nifty index finished 145 points lower at the 45,825 level. Broad market indices fared better than the Nifty even as the advance-decline ratio fell to 0.71:1.

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty is facing resistance at the 22,000 mark. However, the Prabhudas Lilladher experts maintained that it is important for the 50-stock index to breach this hurdle decisively for a fresh bull trend. Vaishali Parekh also mentioned that Bank Nifty needs to breach the crucial hurdle placed at the 46,300 level for a fresh rally.

Also Read: BLS E-Services IPO listing date today. GMP, experts signal multibagger return

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Cipla, Sonata Software, and GAIL.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty 50 indexd ended slightly on a weak note after witnessing some volatile session once again resisting near the 22,000 levels as mentioned earlier and it is important to cross the barrier zone for continuation of the further upward move."

Also Read: GAIL, NTPC, Shriram Finance, 4 other stocks to trade ex-dividend today

"Bank Nifty halted the upward move near the 46,000 zone witnessing some profit booking and would need to sustain above this landmark for anticipating further upward journey," said Parekh.

Parekh went on to add that immediate support for the Nifty 50 index is placed at 21,650 level while the resistance is seen at 21,900. Bank Nifty would have a daily range of 45,500 to 46,200 levels.

Also Read: ZEE, UPL, Indus Towers among 6 stocks placed under F&O ban list today

Stocks to buy today

1] Cipla: Buy at 1433.90, target 1490, stop loss 1407;

2] Sonata Software: Buy at 808, target 847, stop loss 795; and

3] GAIL: Buy at 181.60, target 189, stop loss 178.

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
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 06 Feb 2024, 07:29 AM IST
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