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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 30
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 30

Buy or sell stocks: Vaishali Parekh has recommeneded three stocks to buy today — NHPC, Dr Reddy's Laboratories, and Ambuja Cements

Stock market today: The Nifty 50 index has breached the crucial support of 22,800, and the next support is now positioned at the 22,500 mark, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: The Nifty 50 index has breached the crucial support of 22,800, and the next support is now positioned at the 22,500 mark, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following weak global market sentiments on soaring crude oil prices due to heightened tensions in the Middle East, the Indian stock market ended lower for the fourth straight session. The Nifty 50 index lost 183 points and closed at 22,704, the BSE Sensex finished 667 points lower at 74,502 whereas the Bank Nifty index crashed 640 points and ended at 48,501. Cash market volumes on the NSE were flat at 1.03 lakh crore. The broad market indices fell less than the Nifty even as the advance-decline ratio improved to 0.74:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, a seasoned Vice President — Technical Research at Prabhudas Lilladher, has identified a significant development in the Nifty 50 index. She points out that the index has breached the crucial support of 22,800, and the next support is now positioned at the 22,500 mark. Her analysis suggests that the Indian stock market's mood has weakened. Vaishali emphasizes that a trend reversal can be anticipated only when the 50-stock index breaches the immediate resistance of 22,800 on a closing basis.

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

Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: NHPC, Dr Reddy's Laboratories, and Ambuja Cements.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index ended on the losing side once again for the last three consecutive sessions ending near the 22,700 zone with bias turning weak and has the next crucial support zone maintained near 22,500 zone which needs to be sustained as of now. For the bias to improve, a decisive breach above the 22,800 level must carry on with the upward move and anticipate retesting the previous peak zone of 23,100 levels."

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"The Bank Nifty index, after resisting near the 49700 zone, has slipped down with bias turning weak and has the important support level near the 50EMA zone at around 48,000 levels. The index overall has been in the rising trend with a series of higher lows formation, and once a decisive breach below 47,700 zones is confirmed, it shall weaken the trend," said Parekh.

Parekh added that Nifty today has immediate support at 22,600 levels while the resistance is at 22,850 levels. Bank Nifty would have a daily range of 48,000 to 49,000 levels.

Buy or sell stocks by Vaishali Parekh

1] NHPC: Buy at 101.60, target 106, stop loss 99;

2] Dr. Reddy's: Buy at 6000, target 6250, stop loss 5870; and

3] Ambuja Cements: Buy at 630, target 664, stop loss 616.

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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Asit Manohar
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Published: 30 May 2024, 07:15 AM IST
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