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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 11
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 11

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — ABB India, Samvardhana Motherson and Oberoi Realty

Stock market sentiments may improve further once Nifty 50 index breaches the 19,800 hurdle on closing basis, says Vaishali Parekh of Prabhudas Lilladher. (Bloomberg)Premium
Stock market sentiments may improve further once Nifty 50 index breaches the 19,800 hurdle on closing basis, says Vaishali Parekh of Prabhudas Lilladher. (Bloomberg)

Buy or sell stocks for today: Following strong global cues, Indian stock market hold on to its intraday gains and ended higher on Tuesday. Nifty 50 index finished 177 points higher at 19,689 levels, BSE Sensex shot up 566 points and closed at 66,079 mark whereas Bank Nifty index ended 473 points north at 44,360 levels. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 3.3:1, the highest in more than a month.

Intraday trading strategy for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments have improved after pull back rally on Tuesday session. However, Prabhudas Lilladher expert went on to add that sentiments may improve further once Nifty 50 index breaches the 19,800 hurdle on closing basis. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — ABB India, Samvardhana Motherson and Oberoi Realty.

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On outlook for Nifty today, Vaishali Parekh said, "Nifty recovered from the previous session’s mayhem to indicate a strong pullback closing near the 19,700 zone and ease out the sentiment to some extent. Further, the index needs to close above the 19,800 levels to overall improve the trend and expect for further rise."

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"Bank Nifty once again indicated a decent pullback from the 43800 zone to produce a significant positive candle on the daily chart to improve the bias and anticipate for further upward move. As mentioned earlier, a decisive move past the 44,700 of the important 50EMA zone is necessary to overall improve the trend," said Vaishali Parekh of Prabhudas Lilladher.

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Parekh went on to add that immediate support for Nifty today is placed at 19,550 levels while the resistance is seen at 19,800 levels. Bank Nifty would have the daily range of 44,000 to 44,800 levels.

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Stocks to buy today

1] ABB India: Buy at 4192.70, target 4370, stop loss 4120;

2] Samvardhana Motherson: Buy at 93.30, target 98, stop loss 92; and

3] Overoi Realty: Buy at 1152, target 1210, stop loss 1130.

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.

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Asit Manohar
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Published: 11 Oct 2023, 06:47 AM IST
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