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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 1
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 1

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — SPARC, Lloyds Engineering, and Castrol India

Stock market today: The Nifty 50 index has crucial support now placed at 21,850 whereas the 50-stock index is facing resistance at 22,100 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has crucial support now placed at 21,850 whereas the 50-stock index is facing resistance at 22,100 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Aided by monthly F&O expiry and MSCI rebalancing volumes, the Indian stock market witnessed sharp upside movement in the last 30 minutes of the Thursday session. The Nifty 50 index ended 31 points higher at 21,982 level, the BSE Sensex went up 195 points and closed at 72,500 mark, whereas the Bank Nifty index scaled 157 points north and ended at 46,120 level. Cash market volumes on the NSE rose to 1.45 lakh crore due to MSCI rebalancing volumes. Broad market indices rose more than the Nifty 50 index even as the advance-decline ratio rose to 1.01:1.

Also Read: Day trading guide for stock market today: Nine stocks to buy or sell on Friday

Vaishali Parekh stocks to buy

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has taken support at 21,850 zones. The Prabhudas Lilladher expert went on to add that the overall Indian stock market trend may remain cautious until the 50-stock index breaches above the psychological 22,000 level decisively. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today, and those shares are Sun Pharma Advanced Research (SPARC), Lloyds Engineering, and Castrol India.

Also Read: India's Q3 GDP growth at 8.4%, beats D-Street estimates; economy grows at fastest pace in 6 quarters: 5 key highlights 

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty 50 index after the slide witnessed in the previous session, took support near the 21,850 zones and recovered in the final hours to breach above the 22,000 zone, but the overall bias remains cautious with a conviction yet to be established for the index to convincingly move past the 22,000 levels. The index would have important support near the 21,800 zone while, on the upside, would need a decisive move past the 22,200 levels for the continuation of the uptrend."

"Bank Nifty index also witnessed volatility with support maintained near the 45,700 zones and with a pullback seen managed to reach the 46,300 levels but failed to give a close above the 46,200 levels of the significant 50 EMA zone. The overall bias for the index remains weak and would need a decisive breach above the 47,000 zone to improve the bias," said Parekh.

Parekh went on to add that the immediate support for Nifty today is placed at the 21,850 level while the resistance would be seen at the 22,100 mark. the Bank Nifty would have a daily range of 45,700 to 46,600 levels.

Stocks to buy today

1] SPARC: Buy at 365, target 383, stop loss 356

2] Lloyds Engineering: Buy at 58.55, target 63, stop loss 57

3] Castrol India: Buy at 208.40, target 220, stop loss 204

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
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 01 Mar 2024, 06:46 AM IST
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