Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 10

  • Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — IndusInd Bank, Ajanta Pharma, and Sun TV

Asit Manohar
Updated10 May 2024, 07:41 AM IST
Stock market today: The Indian stock market sentiments received a significant dent when the Nifty 50 index breached 22,000 support, believes Vaishali Parekh of Prabhudas Lilladher.
Stock market today: The Indian stock market sentiments received a significant dent when the Nifty 50 index breached 22,000 support, believes Vaishali Parekh of Prabhudas Lilladher.(Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following weak global sentiments, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index, which represents the performance of the top 50 companies listed on the National Stock Exchange (NSE), crashed 345 points and closed below the 22,000 mark at 21,957. The BSE Sensex, the benchmark index of the Bombay Stock Exchange (BSE), tanked 1062 points and finished at 72,404, while the Bank Nifty index, which tracks the performance of the banking sector, nosedived 533 points and ended at a 47,487 level. Cash market volumes on the NSE, which indicate the liquidity in the market, rose to Rs.1.02 lakh crore. However, the broad market indices, which provide a more comprehensive view of the market, fell more than the Nifty 50 index even as the advance-decline ratio, which measures the number of advancing stocks to declining stocks, fell sharply to 0.17:1 (lowest since March 13, 2024).

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Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market sentiments received a significant dent when the Nifty 50 index breached 22,000 support. This was in line with the global market trends, which were also weak. The Prabhudas Lilladher expert said that the 50-stock index has next crucial support at 21,750. Vaishali went on to add that Nifty would require a close above 22,250 to improve the Indian stock market bias.

Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today — IndusInd Bank, Ajanta Pharma, and Sun TV. 

Also Read: Trade setup for stock market today: Five stocks to buy or sell on Friday

Stock market today

On the outlook for Nifty today, Vaishali Parekh adopts a cautious approach. She said, "The Nifty 50 index, after witnessing a double top formation near the 22,800 zone, has slipped quite significantly with profit booking eroding the gains and currently has breached below the important 100 period MA at 22,000 level with bias and sentiment maintained with a cautious approach and has the next significant support near 21,750 levels. With the overall bias and sentiment precariously placed, it would need a decisive move above the important 50EMA level of 22,250 to improve the situation from current levels and anticipate a further rise."

"The Bank Nifty index has slipped below the 50EMA level of 47,700 zones, weakening the bias, and has 46,600 levels as the important zone which needs to be sustained to maintain the trend intact," said Parekh.

Parekh added that immediate support for Nifty today is placed at 21,800 while the resistance would be at 22,100 levels. The Bank Nifty would have a daily range of 47000-48000 levels.

Buy or sell stocks

1] IndusInd Bank: Sell at 1401.45, target 11355, stop loss 1430;

2] Ajanta Pharma: Buy at 2409, target 2510, stop loss 2360; and

3] Sun TV: Buy at 656.80, target 678, stop loss 644.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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First Published:10 May 2024, 07:41 AM IST
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