Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 4

Buy or sell stocks for today: Following weakness in global market sentiments, Indian stock market extended the selling spree for second straight session on Wednesday. Nifty 50 index lost 148 points and closed at 21,517 levels, BSE Sensex crashed 535 points and closed at 71,356 mark whereas Nifty Bank index went off 56 points and finished at 47,704 levels. Broad market indices closed in the positive even as the advance decline ratio closed higher at 1.26:1.

Intraday trading tips for Thursday

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Indian Dalal Street's bias has now turned cautious as Nifty 50 index has breached its crucial support placed at 21,550 levels. Prabhudas Lilladher expert went on to add that major support for Nifty today is now placed at 21,270 mark. Parekh said that Nifty sustaining above 21,250 levels should be seen as a healthy sign for near term.

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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today - Man Industries, Crompton Greaves and RVNL.

Stock market today

On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty 50 index continued with the slide for another session eroding 150 points cooling off from the 21,800 levels with bias turning cautious and has the next crucial support zone of 21,270 levels which need to be sustained for the coming sessions. The index has indicated a higher top formation on the daily chart and the slide if sustains near 21,250 zone would be healthy for the market."

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"Bank Nifty witnessed a dip in the morning session but sustained near 47,500 zone and recovered to some extent to close near 47,700 zone with ICICI Bank, Axis Bank and Kotak Bank recovering some lost gains," said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at 21,650 level. Bank Nifty would have a daily range of 47,300 to 48,000 levels.

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Stocks to buy today

1] Man Industries (India): Buy at ₹288.55, target ₹304, stop loss ₹284;

2] Crompton Greaves: Buy at ₹318.75, target ₹336, stop loss ₹312; and

3] RVNL: Buy at ₹185.30, target ₹200, stop loss ₹182.

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 taking any investment decision.