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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 29
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 29

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Sun TV, HUL, and HDFC Life

Stock market today: Overall, Indian stock market sentiment is cautiously optimistic despite the Nifty 50 index swinging between the 22,850 to 23,000 closing range, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Overall, Indian stock market sentiment is cautiously optimistic despite the Nifty 50 index swinging between the 22,850 to 23,000 closing range, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following weak global cues, the Indian stock market ended lower for the third straight session. The Nifty 50 index went down 44 points and closed at 22,888, whereas the BSE Sensex shed 220 points and closed at 75,170. The Bank Nifty index lost 139 points and finished at 49,142. Cash market volumes on the NSE fell nearly 16 percent compared to the previous day. The broad market indices fell more than the Nifty, even as the advance-decline ratio fell sharply to 0.4:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market sentiment is cautiously optimistic despite the Nifty 50 index swinging between the 22,850 to 23,000 closing range. The Prabhudas Lilladher expert said the 50-stock index has crucial support at the 22,780 to 22,800 mark. Vaishali noted that market bias would tune positively once the Nifty 50 index breaches its hurdle placed at 23,100 on a closing basis.

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

On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks — Sun TV, Hindustan Unilever Ltd or HUL, and HDFC Life.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index witnessed a volatile session swinging between 22,850 and 23,000 levels, with the overall bias maintained cautiously positive. We need to watch and wait for further developments to settle down. As said earlier, Nifty has the crucial support of 22,780 to 22,800 levels, while on the upper side, it needs to breach the 23,100 zones decisively for the bias to turn positive and establish some conviction."

Also Read: Stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks today

"The Bank Nifty index has a crucial support zone near 49000 levels, while 49700 levels on the upper side are the resistance barriers that must be crossed for a further upward move. As of now, the overall bias and sentiment would be maintained with a cautious approach, with volatility expected at regular intervals," said Parekh.

Parekh went on to add that support for Sensex/Nifty today is at 74500/22750, while resistance is at 75800/23050. The Bank Nifty would have a daily range of 48,500 to 50,000 levels.

Buy or sell stocks

1] Sun TV: Buy at 660, target 720, stop loss 630;

2] HUL: Buy at 2395, target 2600, stop loss 2300; and

3] HDFC Life: Buy at 578, target 630, stop loss 550.

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.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 29 May 2024, 06:38 AM IST
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