Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 23

Buy or sell stocks for today: The domestic benchmark indices, the Sensex and the Nifty 50, closed higher on Wednesday as gains were supported by consumer stocks and heavyweight Reliance Industries. Domestic IT stocks scaled on hopes of rate cut hints from the Federal Reserve minutes.

The S&P BSE Sensex rose 0.36% to 74,221.06, while the blue-chip NSE Nifty 50 climbed 0.31% to 22,597.8 points.

Also Read: Wall Street today: US stocks drift ahead of Fed minutes, Nvidia drops as investors await earnings

On Wednesday, the fear gauge India VIX fell 1.6% to 21.5, indicating minimal volatility in the Indian stock market. With the domestic market's medium-to-long-term outlook remaining solid, investors' attention has shifted from election-related concern to stock fundamentals.

According to a CNBC news report, members of the Federal Reserve expressed a lack of confidence in their ability to proceed with interest rate cuts down as they were increasingly concerned about inflation during their most recent meeting.

The Federal Open Market Committee's April 30-May 1 policy meeting minutes, which were made public on Wednesday, revealed that policymakers were unsure of when it would be appropriate to ease.

Also Read: Top Events on May 23: PM Modi in Punjab, Odisha on cyclone alert, heatwave in Delhi, and more

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

According to Parekh, the Nifty 50 has witnessed a steady rise in the last 3–4 sessions, reaching the 22,600 zone with bias maintained positive and with active participation witnessed from the broader markets as well in recent times. The index can carry on with the positive move for the next target of 22,900 level in the coming days, with 22,300 level as the important support zone. 

Bank Nifty Outlook

Bank Nifty witnessed some profit booking to slip towards the support zone of 47,400 levels but recovered to end near the 47,800 zone to restore the lost sentiment. The index needs to decisively move past the 48,300 zone to establish conviction for a further rise till 49,600 and 49,900 levels. The support for the day is seen at 22,450 levels, while the resistance is seen at 22,700 levels. Bank Nifty would have a daily range of 47,500–48,200 levels. 

Also Read: Stock market today: Nifty 50 ends higher for 5th consecutive session; Reliance, Infosys, HUL among top index movers

Vaishali Parekh's stocks to buy today

Vaishali Parekh recommended three stocks for today — TD Power Systems Ltd, Granules India Ltd, and Westlife Foodworld Ltd. 

Buy TD Power Systems Ltd at ₹352.10 with a stoploss of ₹345 and a target of ₹368.

Buy Granules India Ltd at ₹426.80 with a stoploss of ₹418 and a target of ₹447.

Buy Westlife Foodworld Ltd at ₹866.90 with a stoploss of ₹848 and a target of ₹900.

Nifty Spot Index

Support – 22,450

Resistance - 22,700

Bank Nifty Spot Index

Support – 47,500

Resistance – 48,200

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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.