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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 3
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 3

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — BPCL, Tata Chemicals, and Greaves Cotton

Stock market today: The Nifty 50 index is consolidating near the peak zone of 22,700 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index is consolidating near the peak zone of 22,700 levels, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: After showing intraday weakness from the new highs on Tuesday, the Indian stock market shifted into a range-bound action with a positive bias and finished higher on Thursday. The Nifty 50 index ended 43 points higher at the 22,648 level, and the BSE Sensex went up 128 points and closed at the 74,611 mark. However, the Bank Nifty index finished 165 points lower at 49,231 level. However, the broad market outperformed the frontline indices. The BSE mid-cap index gained 0.91 percent, while the small-cap index gained 0.29 percent. In an overnight development, the US stock market ended positive on Thursday. The Dow Jones index ended 0.85 percent higher, the S&P index gained 0.91 percent, whereas the tech-heavy Nasdaq index skyrocketed 1.51 percent.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market has maintained a positive bias. The Prabhudas Lilladher expert added that the Nifty 50 index is currently consolidating near the peak zone of 22,700 levels. With the undertone remaining strong, we can anticipate further extension of the current rally on Dalal Street. Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today: BPCL, Tata Chemicals, and Greaves Cotton.

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

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index has maintained the positive bias intact, currently consolidating near the peak zone of 22,700 levels and with the undertone remaining strong, we anticipate a further rise in the coming days. As mentioned, the index would have a near-term target of 23,200, with 22,200 of the significant 50EMA level maintained as the important support zone."

Also Read: Day trading stocks to buy: Anand Rathi recommmends three shares to buy today

"The Bank Nifty has slipped further from the resistance zone of around 50,000 levels and, with near-term support of 48,600 levels, has maintained a positive overall bias. The index needs to breach above the long-term trendline zone of 50,000 to confirm a breakout and establish conviction to anticipate further rise," said Parekh.

Parekh added that the immediate support for Nifty today is placed at 22,500 levels while the resistance is placed at 22,800 levels. Bank Nifty would have a daily range of 48,800 to 49,700 levels.

Buy or sell stock ideas by Vaishali Parekh

1] BPCL: Buy at 634.65, target 662, stop loss 622;

2] Tata Chemicals: Buy at 1100.65, target 1145, stop loss 1080; and

3] Greaves Cotton: Buy at 145.30, target 153, stop loss 142.

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 making any investment decisions.lso 

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Asit Manohar
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Published: 03 May 2024, 06:46 AM IST
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