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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21
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Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Gujarat State Fertilizers and Chemicals Ltd, Welspun Corp Ltd, and HFCL Ltd.

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Gujarat State Fertilizers and Chemicals Ltd, Welspun Corp Ltd, and HFCL Ltd. (Photo: Courtesy Prabhudas Lilladher)Premium
Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Gujarat State Fertilizers and Chemicals Ltd, Welspun Corp Ltd, and HFCL Ltd. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following a three-day rise spurred by fresh inflows of foreign money and positive cues from around the globe, the Sensex and the Nifty 50, concluded the special live trading session on Saturday, May 18, with strong gains. Small and mid-cap indices finished higher than benchmark indices, and all sectoral indices were positive at the end.

The 30-share BSE Sensex gained 88.91 points, or 0.12%, to settle at 74,005.94 in the second special trading session. The NSE Nifty 50 increased to 22,502.00, up 35.90 points, or 0.16%.

Also Read: Stock market today: Sensex, Nifty 50 end in green in the second special trading session; all sectoral indices shine

Two special live trading sessions were held on Saturday, May 18, for the domestic benchmark indices. First, from 9:15 IST to 10 IST, from a primary site; second, from 11:30 IST to 12:30 IST, from a site dubbed the disaster's recovery site.

According to Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd., the benchmark indices had a strong run and made up for the losses from the previous week. At the end of the week, the Nifty 50 and BSE Sensex were up 2.03% and 1.85%, respectively. The Nifty 50 returned to above 22,500, but the Sensex closed the week above 74,000.

Key national and international economic indicators will influence the forecast for the market. The Manufacturing and Services PMI for India, the UK CPI Inflation Data, the US Initial Jobless Claims data, the S&P Global Manufacturing PMI, and the Q4 results are among the data that will propel the market.

Also Read: Oil prices rise after Iran president's death, brent crude at $84.24/bbl

Nifty 50 outlook by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

According to Parekh, Nifty 50 witnessed resistance near the 22,500 zone during the special session of the market, with the broader markets showing active participation and gaining momentum. As mentioned earlier, the index would have near-term support in the 22,300 zone, while on the upside, we anticipate further moves ahead to 22,600–22,900 levels in the coming days.

Bank Nifty Outlook

Bank Nifty remained subdued during the short session and hovered near the 48200 levels to close on a flat note and bias maintained positive. As said earlier, the move past the significant 50EMA level of 47,700 zone has improved the bias and further rise can be anticipated with next targets of 49,000 and 49,700 levels visible in the coming days and 47400 zone maintained as the near-term support level. The support for the day is seen at 22,400 levels while the resistance would be seen at 22,650 levels. BankNifty would have the daily range of 47,900-48,500 levels, explained Vaishali.

Vaishali Parekh's stocks to buy today

Vaishali Parekh recommended three stocks for today — Gujarat State Fertilizers and Chemicals Ltd, Welspun Corp Ltd, and HFCL Ltd. 

Buy Gujarat State Fertilizers and Chemicals Ltd at 238.90 with a stoploss of 233 and a target of 250.

Buy Welspun Corp Ltd at 629 with a stoploss of 615 and a target of 657.

Buy HFCL Ltd at 100.95 with a stoploss of 98 and a target of 107.

Also Read: US stock markets: Micron Technology shares climb 4% after Morgan Stanley upgrade

Nifty Spot Index

Support – 22,400

Resistance - 22,650

Bank Nifty Spot Index

Support – 47,900

Resistance – 48,500

Also Read: Wall Street today: Nasdaq surges to record high, led by chipmakers

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 taking any investment decisions.

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Published: 21 May 2024, 06:40 AM IST
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