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

Buy or sell stocks: After moving in a narrow range in the last couple of sessions, the Indian stock market indices, Sensex and Nifty 50, snapped their four-day winning streak on Tuesday and ended lower. Nifty slipped into weakness amidst choppy movement and closed the day 49 points lower at 22,356.30 level. The BSE Sensex dropped 195.16 points to end the session at 73,677.13. Meanwhile, the Bank Nifty index outperformed the Nifty 50 and ended 125 points higher at 47,581. In the broad market, the Nifty Smallcap 100 index declined 1.24%, while the Nifty Midcap 100 index fell 0.27%.

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that the Nifty maintained levels near the 22,200 zone and has been hovering in the range of 22,250 to 22,450 zone for the past 3 sessions witnessing some consolidation, maintaining the support near the 22,200 levels and on the upside level, need to breach this zone decisively for a fresh further upward move in the coming days. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — NMDC, ONGC and Adani Power.

Also Read: Stock market today: Day trading guide for Nifty 50 to Bank Nifty, six stocks to buy or sell on Wednesday — 6th March

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, with select counters like PSU banking stocks, auto & energy picking up momentum with strength indicated and further upside moves anticipated. 

“The Bank Nifty with improved bias and indicators beginning to show strength, has given a decent pullback till now, and further rises to the level of 48,500 are anticipated in the coming days,” said Parekh.

She believes with the daily trend of both indices remaining up, the overall bias and sentiment have improved, and she maintains a positive outlook for the future. According to her, the support for the day for Sensex and Nifty 50 is seen at 73,200 and 22,200, while the resistance is seen at 74,100 and 22,500. BankNifty would have a daily range of 47,100 – 48,200 levels.

Stocks to buy today

1] NMDC: Buy at ₹242.65, target ₹260, stop loss ₹235;

2] ONGC: Buy at ₹283.75, target ₹305, stop loss ₹275; and

3] Adani Power: Buy at ₹573.85, target ₹630, stop loss ₹550

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 making any investment decisions.