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Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 20
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Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 20

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Zydus Life, Elgi Equipment and ABRFL

Stock market today: Nifty today has immediate support placed at 19,500 levels, believes Vaishali Parekh. (iStock)Premium
Stock market today: Nifty today has immediate support placed at 19,500 levels, believes Vaishali Parekh. (iStock)

Buy or sell stocks for today: Following weak global market sentiments on Israel-Hamas war, Indian stock market ended lower for second straight session. Nifty 50 index went down 46 points and closed at 19,624 levels, BSE Sensex lost 247 points and ended at 65,629 mark whereas Bank Nifty index 134 points and finished at 43,754 levels. 

Small-cap index ended in the positive while the mid-cap index fell less than the Nifty even as the advance-decline ratio improved to 0.96:1.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that immediate support for Nifty 50 index placed at 19,600 is in danger zone and one crucial support is now placed at 19,500 levels. Prabhudas Lilladher expert went on to add that overall stock market bis has turned cautious and resistance for Nifty today is now placed at 19,750 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Zydus Life, Elgi Equipment and ABRFL.

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On outlook for Nifty today, Vaishali Parekh said, "Nifty after opening on a weak note near 19,550 zone recovered to touch the 19680 levels where it witnessed resistance to end near the 19,600 zone with bias still maintained with a cautious approach. The index would have the near-term support zone of 19,500 levels from current levels with the significant 50EMA zone of 19,600 in danger and is precariously placed."

"Bank Nifty broke the crucial support zone of 43,800 levels and with volatility witnessed during the session failed to breach above the 44,000 zone. Downside we have the crucial support zone of 43,400 levels breaching which can trigger for further slide towards 42,000 with sentiment turning bearish," said Parekh.

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Parekh went on to add that immediate support for Nifty today is placed at 19,500 levels while the resistance is seen at 19750 levels. Bank Nifty would have the daily range of 43,400 to 44,000 levels.

Stocks to buy today

1] Zydus Life: Buy at 590, target 630, stop loss 580;

2] Elgi Equipment: Buy at 510.55, target 540, stop loss 500; and

3] ABRFL: Buy at 237.85, target 252, stop loss 233.

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: 20 Oct 2023, 06:43 AM IST
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