Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 12

Buy or sell stocks for today: Following strong global market sentiments, Indian stock market advanced for second straight session on Wednesday. Nifty 50 index gained 121 points and closed at 19,811 levels, BSE Sensex shot up 393 points and ended at 66,473 mark whereas Bank Nifty index added 156 points and finished at 44,516 levels. Small-cap index rose more than the Nifty even as the advance decline ratio remained high at 1.98:1.

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Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments have improved further as Nifty 50 index has closed above 19,800 levels. Prabhudas Lilladher expert went on to add that near term strong support for Nifty today is now placed at 19,600 levels. On stocks to buy today, Vaishali Parekh recommended three stocks to buy today — Hero Motocorp, Exide Industries and Minda Corp.

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On outlook for Nifty today, Vaishali Parekh said, "Nifty continued with the positive move to close above the 19,800 zone further improving the bias amid the tensions in the middle east and with the result season commencing now, we anticipate volatility to be witnessed in the market. The index would have the near-term support zone of 19,600 while on the upside 20,000 zone would be the near-term target expected as of now."

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"Bank Nifty witnessed a positive move but resisted near the 44,700 zone to remain stagnant for rest part of the session to end near the 44,500 level. As mentioned earlier, a decisive move past the 44,700 of the important 50EMA zone is necessary to overall improve the trend and anticipate for further rise," said Parekh.

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Parekh went on to add that immediate support for Nifty today is placed at 19,700 levels while the resistance is seen at 19,950 levels. Bank Nifty would have the daily range of 44,200 to 44,900 levels.

Stocks to buy today

1] Hero Motocorp: Buy at ₹3100, target ₹3250, stop loss ₹3060;

2] Exide Industries: Buy at ₹263, target ₹277, stop loss ₹259; and

3] Minda Corp: Buy at ₹344, target ₹362, stop loss ₹338.

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.