Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 5

Buy or sell stocks: After showing a sharp upside breakout on 1st March 2024, the Indian stock market continued with the choppy movement for the second consecutive session on Monday. However, key benchmark indices of Dalal Street managed to end higher in the first session of this week. The Nifty 50 index climbed to an all-time high of 22,440 and ended 27 points higher at 22,405 level. The BSE Sensex gained 66 points and closed at the 73,872 mark whereas the Bank Nifty index finished 158 points higher at 47,456 level. In the broad market, the small-cap index dipped 0.78 percent whereas the mid-cap index added 0.16 percent on Monday.

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index needs to breach above the 22,500 level decisively for a fresh bull run on Dalal Street. However, the Prabhudas Lilladher expert maintained that the overall market trend is positive. Parekh said that the Nifty 50 index has made a strong base around 22,200 levels and it is working as crucial immediate support for the 50-stock index. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — Engineers India, Axis Bank, and Steel Authority of India Limited or SAIL.

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Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has been hovering between a tight range for the day with bias maintained positive and as said earlier, need to breach the 22,500 zone decisively to indicate a fresh breakout for further upward move. At the same time, the 22,200 level is acting as a strong support zone for the 50-stock index."

"The Bank Nifty index also has the overall sentiment and bias intact and needs to breach the 47,800 zones decisively for a fresh further upside move with currently 47,000 levels maintained as a good support zone," said Parekh.

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Parekh went on to add that the immediate support for Nifty today is placed at 22,300 while the resistance is seen at the 22,500 mark. The Bank Nifty index would have a daily range of 47,000 to 48,000 levels.

Stocks to buy today

1] Engineers India: Buy at ₹222.30, target ₹250, stop loss ₹210;

2] Axis Bank: Buy at ₹1106, target ₹1250, stop loss ₹1045; and

3] SAIL: Buy at ₹141.65, target ₹165, stop loss ₹130.

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.