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

Buy or sell stocks: On account of strong buying in banking, healthcare, IT, and auto stocks, the Indian stock market witnessed a strong pullback in the last hour of Wednesday's session. All three key benchmark indices ended in the green territory. The Nifty 50 index ended 117 points higher after climbing to a new peak of 22,497 level. The BSE Sensex finished 408 points higher after hitting a new peak of 74,151 mark. The Bank Nifty index gained 384 points and closed at 47,965 level. However, the broad market remains under pressure as the small-cap index ended 1.91 percent lower whereas the mid-cap index finished 0.65 percent lower from their respective close on Tuesday.

Intraday trading tips for Thursday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market mood has improved after the Nifty 50 closed above its previous high. The Prabhudas Lilladher expert went on to add that the market sentiment would further improve once the 50-stock index sustains above the 22,500 level decisively. She predicted a further upside move on Dalal Street as the Nifty IT index is participating actively. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — Birlasoft, Union Bank of India, and IDFC First Bank.

Also Read: Dividend stocks: Sanofi India, Panchsheel Organics shares to trade ex-dividend today

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has finally entered a new zone above its previous all-time high and moving ahead a close near the 22,500 zone would further establish stability with an improved overall trend and would open the gates for the 22,700 to 23,000 levels."

"Bank Nifty is also moving strongly, almost touching the 48,200 levels, in a bullish trend, and further improving the bias is anticipated for the next upward targets of 49,000 to 50,000 levels in the coming days," said Parekh.

Also Read: Stock market today: Manappuram Finance, Mahanagar Gas, ZEEL stocks under F&O ban list today

On the outlook for the Indian stock market today, Vaishali Parekh of Prabhudas Lilladher said, "With the overall sentiment and bias remaining positive and NIFTY IT stocks participating actively, we anticipate a further upward move."

Parekh went on to add that Sensex/Nifty today has immediate support placed at the 73,500/22,350 mark, while the resistance is seen at 74,500/22,600. The Bank Nifty would have a daily range of 47,500 to 48,500 levels.

Stocks to buy today

1] Birlasoft: Buy at ₹769.10, target ₹820, stop loss ₹750;

2] Union Bank of India: Buy at ₹155, target ₹170, stop loss ₹148; and

3] IDFC First Bank: Buy at ₹81.80, target ₹95, stop loss ₹76.

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.lso