Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6 February 2025

Buy or sell stocks: Domestic equity benchmarks Sensex and Nifty 50 settled lower on Wednesday, dragged by consumer stocks, though gains in energy stocks capped the decline. Weak support from heavyweights and the escalating US-China trade war also weighed on investor's sentiment.

The 30-share BSE Sensex declined 312.53 points, or 0.40 per cent, to settle at 78,271.28, with 21 of its constituents closing down and nine ending with gains. During the day, it decreased by 367.56 points or 0.46 per cent to 78,216.25. The NSE Nifty dropped 42.95 points, or 0.18 per cent, to 23,696.30. The index moved between a high of 23,807.30 and a low of 23,680.45 during the day.

In contrast to the benchmark indexes, the broader markets extended gains to a second consecutive session. The small-caps and mid-caps jumped 1.9 per cent and 0.7 per cent, respectively. The Reserve Bank of India (RBI) is expected to deliver a 25 basis point rate cut on Friday, supporting a growth revival following the announcement of personal tax cuts in Budget 2025.

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Stocks to buy today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “Nifty remained rangebound during the entire session, facing resistance near 23,800 zone, and closed just near the 23,700 zone. The bias and sentiment are in the positive zone, as it awaits the RBI policy outcome expected in the next session.”

For Bank Nifty, the Prabhudas Lilladher stock market expert said, “Bank Nifty witnessed a narrow rangebound movement during the session, gripped between 50,500 and 50,300 levels, with bias optimistic, and having 49,700 level as the important support zone.”

Vaishali Parekh recommended three intraday stocks for today: Jindal Steel & Power Ltd (JSPL), Adani Ports and Special Economic Zone Ltd, and Central Depository Services (India) Ltd (CDSL).

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Stock market today

For today's outlook on the Nifty 50, Parekh said, “The index would have the near-term support at 23,500 zone, which needs to be sustained. On the upside, it has the important 200-period MA at 24,000 levels, which needs to be breached decisively to establish conviction for a rise in the coming days.”

On Bank Nifty, she said, “Bank Nifty's upside has the significant 200-period MA at 50900 level, which needs to be breached above to carry on with the positive move further ahead. With the RBI policy announcement nearing, we can anticipate volatility in the sessions, which would decide the further directional move of the index.”

The support for the day is seen at 23,500 levels, while the resistance at 23,900 levels. Bank Nifty would have a daily range of 50,000-50,900 levels.

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Buy or sell stocks by Vaishali Parekh

1. JSPL: Buy JSPL at ₹819 with a target price of ₹860 and a stop loss of ₹800.

2. Adani Ports: Buy Adani Ports at ₹1,145 with a target price of ₹1,180 and a stop loss of ₹1,120.

3.CDSL: Buy CDSL at ₹1,351 with a target price of ₹1,420 and a stop loss of ₹1,310.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.