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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 31
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 31

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — UCO Bank, DLF, and NCL India

Nifty 50 further has the next major and crucial support zone of the significant 50EMA level of 21,150 zone, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Nifty 50 further has the next major and crucial support zone of the significant 50EMA level of 21,150 zone, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Domestic equity benchmarks Nifty 50 and Sensex dropped by a per cent each in the previous session dragged by shares of Reliance Industries (RIL), ITC and Bajaj Finance, one day after surging almost two per cent each. The domestic market witnessed a widespread selloff as most sectoral indices ended with losses. Investors booked profit ahead of the US Federal Reserve policy outcome due later tonight (January 31).

Nifty 50 closed 216 points, or 0.99 per cent, lower at 21,522.10 and the 30-share pack closed 802 points, or 1.11 per cent, lower at 71,139.90 with only six stocks - Tata Motors, SBI, Hindustan Unilever, Power Grid, Tech Mahindra and TCS - in the green. BSE Midcap also ended lower by 0.53 per cent but the BSE Smallcap index bucked the trend and ended with a gain of 0.18 per cent, after hitting its fresh all-time high of 45,213.in the previous session. 
 

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 further has the next major and crucial support zone of the significant 50EMA level of 21,150 zone which need to be sustained and upside a decisive breach above 21,800 would trigger for fresh breakout for further rise in the coming days.

The Prabhudas Lilladher expert added that Bank Nifty would need a decisive breach above the important hurdle at 46,300 zone of the significant 50EMA level for the overall bias to improve. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — UCO Bank, DLF, and NLC India.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, ‘’Nifty 50 once again witnessed a tough resistance barrier near the 21,750-21,800 levels from where it corrected and stabilized near the important support zone of 21,500 levels during the intraday session.'' The index now has a critical support zone at 21,150 and an upside decisive breach of 21,800 which will lead to a new breakout.

On Bank Nifty, Parekh said, ‘’Bank Nifty remained rangebound during the intraday session with not much erosion witnessed as compared to Nifty index and ended on a flat note near 45,350 zone.'' The index will need a decisive breach above 46,300.

Parekh went on to add that immediate support for Nifty today is placed at 21,400 while the resistance would be at the 21,700 mark. The Bank Nifty would have a daily range of 45,000 to 45,800 levels.

Nifty Spot Index

Support – 21,400

Resistance - 21,700

Bank Nifty Spot Index

Support – 45,000

Resistance – 45,800

 

Stocks to buy today

  1. UCO Bank: Buy at 43.75, Target 47, Stop Loss 42.50
  2. DLF: Buy at 786.90, Target 812, Stop Loss 777 
  3. NLC India: Buy at 238.85, Target 250, Stop Loss 234 

 

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
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 31 Jan 2024, 06:45 AM IST
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