Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 10
Buy or sell stocks: Vaishali Parekh recommends three stocks to buy today — Mazagon Dock Shipbuilders, Colgate-Palmolive India, and Aarti Industries.
Buy or sell stocks: The Indian stock markets closed in the red for the second consecutive day amid weak global cues, rising US dollar rate, and higher bond yields. The Nifty 50 index closed 0.69 per cent lower at 23,526.50 points, compared to 23,688.95 points in the previous market session.
The BSE Sensex closed 0.68 per cent lower at 77,620.21 points after Thursday's market session, compared to 78,148.49 points at the previous stock market close.
Vaishali Parekh's stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 managed to sustain above the 23,500 levels maintaining a cautiously positive bias. Parekh estimates the Nifty 50 Spot index to find support at 23,400 points and face resistance at 23,800 points. The Bank Nifty index will likely move in the 49,000 to 50,000 range.
Parekh recommended three buy-or-sell stocks for Friday: Mazagon Dock Shipbuilders Ltd., Colgate-Palmolive India Ltd., and Aarti Industries Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty once again failed to move past the 23,700 zone. Despite a gradual slide, it managed to sustain above the 23,500 levels, maintaining a cautiously positive approach.”
“The 23,500 zone shall be crucial for the index, which needs to be sustained. With the results season on, we anticipate volatility and fluctuations during the intraday session. A significant move past the 200-period MA of 23,920 level is important to improve the bias, establish conviction, and to anticipate a further upward move in the coming days,” said the stock market expert.
"The Bank Nifty, has breached the important support zone of 49,700. With a slightly weak bias, the next important support is near the 48,550 levels. Expect some slide in the coming sessions. A decisive move above the 50,000 zone is important to regain some lost strength and to improve the bias. The index needs to move past the important 200-period MA at 50,700 to establish conviction and to expect a further upward move,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,400 points and resistance at 23,800 points. The Bank Nifty index would have a daily range of 49,000 to 50,000.
Buy or sell stocks by Vaishali Parekh
1. Mazagon Dock Shipbuilders Ltd. (MAZDOCK): Buy at ₹2,230; Target at ₹2,350; Stop Loss at ₹2,160.
2. Colgate-Palmolive India Ltd. (COLPAL): Buy at ₹2,888; Target at ₹3,000; Stop Loss at ₹2,820.
3. Aarti Industries Ltd. (AARTIIND): Buy at ₹415; Target at ₹425; Stop Loss at ₹408.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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