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

  • Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — HDFC Life, ITC, and Coal India

Asit Manohar
Updated6 Jun 2024, 08:51 AM IST
Stock market today: A decisive breach above 22,900 by the Nifty 50 index may further improve the Indian stock market bias and sentiment, believes Vaishali Parekh of Prabhudas Lilladher.
Stock market today: A decisive breach above 22,900 by the Nifty 50 index may further improve the Indian stock market bias and sentiment, believes Vaishali Parekh of Prabhudas Lilladher.(Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: The Indian stock market erased some of the previous day losses and ended higher after the NDA allies pledged support for the alliance to form a government for the third term. The Nifty 50 index gained 735 points and closed at 22,620, whereas the BSE Sensex shot up 1303 points and finished at 74,382. The bank Nifty index ended 2126 points higher at 49.054. In the broad market, the mid-cap index outshined the frontline Indian indices even as the advance-decline ratio rose sharply to 3.49:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index has moved above the 50-EMA zone of 22,400. The Prabhudas Lilladher expert added that a decisive breach above 22,900 by the 50-stock index may further improve the Indian stock market bias and sentiment. She said the Bank Nifty index needs to sustain above the significant 50-EMA level of the 48,150 zone to maintain the bias intact.

On stocks to buy today, Vaishali Parekh recommended buying three buy-or-sell stocks: HDFC Life, ITC, and Coal India.

Also Read: Trade setup for stock market today: Five stocks to buy or sell on Thursday

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "Nifty, after witnessing the heavy erosion a day before, bulls regained some lost strength to gain 735 points to end near the 22,600 zone once again moving above the significant 50-EMA level of 22,400 zone. The index would have the support zone near the low made near 21,800 levels, and on the upside, a decisive breach above the 22,900 zone shall further improve the bias and sentiment." In short, the Nifty is showing signs of recovery, but it's important to monitor the support and resistance levels for potential market movements.

Also Read: Stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks today

"The Bank Nifty gained more than 4% to move past the 49000 zone with decent recovery witnessed, and with the support maintained near the 47300 level, it needs to sustain above the significant 50EMA level of the 48150 zone to maintain the bias intact. Once a decisive breach above the 49700 zone is confirmed, we can establish some conviction for a further upside move, provided there are no surprise developments from the political end," said Parekh.

Parekh went on to add that today, Nifty's immediate support is at 22,450, while the resistance is at 22,900. The Bank Nifty would have a daily range of 48,200 to 50,300.

Vaishali Parekh's stock recommendations

1] HDFC Life: Buy at 552, target 577, stop loss 540;

2] ITC: Buy at 430, target 455, stop loss 420; and

3] Coal India: Buy at 460, target 482, stop loss 450.

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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First Published:6 Jun 2024, 08:51 AM IST
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