Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 5
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — HUL, West Coast Paper, KPI Green
Buy or sell stocks for today: Following weak global cues, Indian stock market went down for second straight session. Nifty 50 index went down 92 points and closed at 19,436 levels, BSE Sensex corrected 286 points and ended at 65,226 whereas Bank Nifty index lost 435 points and finished at 43,964 levels. Broad market indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.42:1.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that maket bias is cautious as some recovery was witnessed on Wednesday session. Prabhudas Lilladher expert went on to add that Nifty 50 has taken support at 19,200 levels and Dalal Street mood would remain weak till it is trading below 19,600 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Hindustan Unilever, West Coast Paper and KPI Green.
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On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty indicated further weakness with gap down opening to make new low of 19333 level and witnessed some recovery in the second half to minimise the loss to some extent with bias still maintained with a cautious approach. The index would have the level of 19,200 as the major support zone from current levels and above a decisive breach above 19,600 is necessary to improve the sentiment."
"Bank Nifty breached below the 44000 zone to weaken the trend and with bias maintained with a cautious approach has next important and crucial support of 43400 zone. On the upside, as said earlier, a decisive breach above the 44800 zone of the important 50EMA level is necessary to improve the bias and ease out the sentiment," said Parekh.
"The support for the day is seen at 19300 levels while the resistance is seen at 19600 levels. Bank Nifty would have the daily range of 43600-44300 levels," Parekh added.
Stocks to buy today
1] Hindustan Unilever Ltd or HUL: Buy at ₹2507, target ₹2630, stop loss ₹2470;
2] West Coast Paper: Buy at ₹707, target ₹747, stop loss ₹697; and
3] KPI Green: Buy at ₹881.60, target ₹950, stop loss ₹867.
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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