Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 18

Buy or sell stocks for today: Key benchmark indices - Sensex and the Nifty 50 - ended with gains on October 18, snapping their three days of losses on widespread buying across various sectors amid positive global cues.

Nifty 50 yesterday opened at 19,843.20 against the previous close of 19,731.75. The index closed at 19,811.50, up 80 points, or 0.40 percent. The Sensex, on the other hand, opened at 66,558.15 against the previous close of 66,166.93. It closed the day at 66,428.09, up 261 points, or 0.39 per cent.

Nifty witnessed a gap up opening but once again found resistance near the crucial tough barrier of 19850 zone and slipped to some extent in the second half to end near the 19800 levels with select midcap counters continuing to perform well, summed up Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher.

Also read: 7 things that changed for the stock market overnight

Intraday trading strategy for Tuesday

Technically, the index would have the near-term support zone of 19,600 levels of the significant 50EMA zone while on the upside would need to breach decisively above the tough barrier zone of 19,850 levels, Parekh said. 

The support for the day is seen at 19700 levels while the resistance is seen at 19950 levels.

Vaishali Parekh suggests buying these stocks today - IRCTC, West Coast Paper and Cyient.

Nifty Spot Index

Support - 19,700/19,650

Resistance - 19,950/20,000

Bank Nifty 

“Bank Nifty also found resistance near the 44,550 zone during the intraday session with most of the frontline banking stocks remaining flat and would need a decisive breach above the 44,700-44,800 barrier zone which is acting as a strong resistance for the index. At the same time, the support would be crucial near 43,800 level below which the overall trend would turn weak. Bank Nifty would have the daily range of 44,000-44,700 levels.”

Also read: Day trading guide for today: Six buy or sell stocks for Wednesday —October 18

Bank Nifty Spot Index

Support – 44,000/43,950

Resistance – 44,700/44,750

Stock Picks

1. BUY IRCTC at 714.60 stoploss 702 Target 747
2. BUY WEST COAST PAPER at 754.40 stoploss 742 Target 790

3. BUY CYIENT at 1777.85 stoploss 1755 Target 1860

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.