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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 19
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 19

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Cipla, Himatsingka Seide and Prestige Estates

Stock market today: Nifty today has crucial support placed at 19,600 and breaching below this level can trigger intensified selling pressure, says Vaishali Parekh of Prabhudas Lilladher.Premium
Stock market today: Nifty today has crucial support placed at 19,600 and breaching below this level can trigger intensified selling pressure, says Vaishali Parekh of Prabhudas Lilladher.

Buy or sell stocks for today: Following mixed and choppy trade in Asian markets, Indian stock market ended lower on Wednesday. Nifty 50 index went down 140 points and closed at 19,671 levels, BSE Sensex corrected 551 points and ended at 65,877 mark whereas Bank Nifty index finished 520 points lower at 43,888 levels. Volumes on the NSE were a bit higher than recent average. Mid-cap index fell more than the Nifty even as the advance decline ratio fell sharply to 0.57:1.

Intraday trading strategy for Thursday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street bias has turned little weak after Nifty closed below 19,700 levels. Prabhudas Lilladher expert went on to add that Nifty has crucial support placed at 19,600 and breaching below this level can trigger intensified selling pressure. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Cipla, Himatsingka Seide and Prestige Estates.

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On outlook for Nifty today, Vaishali Parekh said, "Nifty once again failed to move past the resistance levels of 19,850 zone and finally slipped in with heavy profit booking witnessed to slide below the 19,700 zone with bias turning weak and sentiment maintained with a cautious approach. Technically, once again as mentioned earlier, the index would have the near-term support zone of 19,600 levels of the significant 50EMA zone breaching which one can anticipate for intensified selling pressure with next major support visible near 19,200 zone."

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"Bank Nifty also gave in from the 44,400 zone with profit booking seen during the intraday session ending near the 43,900 levels with major frontline banking stocks showing signs of weakness. A decisive breach below the 43,800 zone shall trigger for further slide towards 43,000 with sentiment turning bearish," said Parekh.

Parekh went on to add that near term support for Nifty 50 index is placed at 19,600 levels while the resistance is seen at 19800 levels. Bank Nifty would have the daily range of 43,500 to 44,200 levels.

Stocks to buy today

1] Cipla: Buy at 1210, target 1260, stop loss 1190;

2] Himatsingka Seide: Buy at 146.45, target 155, stop loss 144; and

3] Prestige Estates: Buy at 732.75, target 770, stop loss 722.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 19 Oct 2023, 06:43 AM IST
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