Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 10

Buy or sell stocks for today: First a look at how equity indices fared on Monday - the Nifty 50 and the Sensex ended with significant losses as the ongoing Israel-Palestine war spooked investors. Nifty 50 finally closed at 19,512.35, down 141 points, or 0.72%. The Sensex ended the day with a loss of 483 points, or 0.73%, at 65,512.39. The market-cap eroded about ₹4 lakh crore in a day as investors started to read the consequences of Israel-Palastine war on the global economy. 

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Intraday trading strategy for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher feels Nifty has found resistance near the 19,675 zone and has formed a lower top once again on the daily chart. Nifty 50 has slipped further on the back of Geo-Political tensions weakening the bias and sentiment as of now. The index is hovering near the important support zone of 19,500 levels and further downside has the crucial support of 19,200 below which the trend would weaken. 

Nifty 50 Index

Support - 19,400/19,350

Resistance - 19,650/19,700

Bank Nifty Strategy

Meanwhile, BankNifty once again broke below the 44,000 zone turning weak with heavy profit booking witnessed and closed near the support zone of 43,800 zone. On the downside, the crucial and important levels of 43,400 need to be sustained, failing which the index can be subjected to intensified selling pressure. The support for the day is seen at 19,400 levels while the resistance is seen at 19,650 levels. Bank Nifty would have the daily range of 43400-44200 levels.

Bank Nifty Spot Index

Support – 43,400/43,350

Resistance – 44,200/44,250

Stock Picks

1. Buy TVS Motor at ₹1,522 | Stop loss at ₹1,490 | Target: ₹1600

2. Buy Maharashtra Seamless at ₹620.5 | Stop loss at ₹608 | Target: ₹6503. 

3. Buy Tata Coffee at ₹258 | Stop loss at ₹253 | Target 272

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.