Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 12
BackBack

Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 12

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — KRBL, RCF, and Godrej Consumer

Stock market today: Nifty 50 index may go up to the 22,100 mark once the 50-stock index breaches the hurdle placed at 21,800 on a closing basis, believes Vaishali Parekh of Prabhudas Lilladher (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Nifty 50 index may go up to the 22,100 mark once the 50-stock index breaches the hurdle placed at 21,800 on a closing basis, believes Vaishali Parekh of Prabhudas Lilladher (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following strong global market sentiments ahead of the US inflation data release, the Indian stock market finished higher after trading range-bound throughout the Thursday session. The Nifty 50 index added 28 points and closed at the 21,647 level, the BSE Sensex went up 63 points and closed at the 71,721 mark while the Bank Nifty index ended 77 points higher at the 47,438 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.65:1.

Intraday trading tips for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is facing resistance at 21,700 to 21,750 zone. Prabhudas Lilladher expert went on to add that Nifty today is in the range of 21,450 to 21,750. She said that a bullish or bearish trend can be assumed on the breakage of either side of the range.

Also Read: BHEL, Delta Corp, Polycab, 10 other shares placed under F&O ban list

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — KRBL, RCF, and Godrej Consumer Products.

Stock market today

On the outlook for Nifty 50 today, Vaishali Parekh said, "Nifty 50 has witnessed resistance zone near 21,700 to 21,750 levels and has seen some rangebound movement between the 21,750 and 21,450 zones for quite some time and would need a decisive breach on either side of the band to confirm a directional move in the coming days. The 50-stock index has indicated a rising channel pattern on the daily chart with support now maintained near the 21,500 level and upside potential of 22,100 levels visible once a decisive breach above the 21,800 zone is confirmed."

Also Read: TCS, Infosys Q3 Results: Here's how both stocks are likely to open today

"Bank Nifty once again has been moving sideways with resistance visible near the 47,650 zone for the session and on the downside 47,000 level is maintained as the crucial support zone. The index would need a decisive breach above the 48,000 to 48,200 zone decisively for confirmation of further fresh upward move," said Parekh.

Also Read: Infosys Q3 results: Tech giant sees ADRs jump by 5% despite decline in net profit

Parekh went on to add that the immediate support for the Nifty 50 index today is placed at 21,500 while the resistance is seen at 21,800 levels. Bank Nifty would have a daily range of 47,100 to 47,800 levels.

Stocks to buy today

1] KRBL: Buy at 382.50, target 400, stop loss 376;

2] RCF: Buy at 170.20, target 177, stop loss 167; and

3] Godrej Consumer Products: Buy at 1155, target 1210, stop loss 1135.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.lso lso

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 12 Jan 2024, 06:59 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started