Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 7

Buy or sell stocks for today: After a bloodbath on Tuesday, the Indian stock market extended its recovery for a second straight session on Thursday. The Nifty 50 index gained 201 points and closed at 22,821, while the BSE Sensex shot up 692 points and ended at 75,074. The Bank Nifty index scaled 237 points northward and finished at 49,291. The broad market indices outshined the frontline Indian indices even as the advance-decline ratio rose to 6.29:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market mood has improved after the Nifty 50 finished above the 22,800 mark. The Prabhudas Lilladher expert said that the Nifty 50 index would need to sustain above the crucial 22,450 to maintain the positive mood on Dalal Street. She added that Bank Nifty must sustain itself above the critical 50EMA level of the 48,200 zone to maintain a positive bias.

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On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended buying these three buy-or-sell stocks: JSW Energy, Havells, and JK Cement.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "Nifty has witnessed a strong recovery from the low made near the 21,280 zone and has touched the 22,900 zone where it was subjected to some resistance to halt the ongoing upward movement. The index has ended near the previous crucial resistance zone of 23800 levels and would need to sustain above the significant 50-EMA level of 22,450 zones to maintain the positive bias."

"The Bank Nifty also witnessing a decent bounce back from the 200 periods MA zone of 46,200 levels have arrived near the previous resistance zone of 49,700 levels and would need to sustain above the important 50-EMA level of 48,200 zones to maintain the bias positive," said Parekh.

Parekh went on to add that the immediate support for Nifty today is at 22,600 levels, while the resistance is at 23,000. The Bank Nifty would have a daily range of 48,600 to 50,000 levels.

Vaishali Parekh's stock recommendations

1] JSW Energy: Buy at ₹625, target ₹655, stop loss ₹611;

2] Havells: Buy at ₹1839, target ₹1920, stop loss ₹1800; and

3] JK Cement: Buy at ₹4013, target ₹4140, stop loss ₹3930.

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.