BackBuy or sell: Vaishali Parekh recommends three stocks to buy today — September 22
Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — LT, Cummins India and Data Patterns
PremiumBuy or sell stocks for today: Following weak global market cues on strong US dollar, Indian stock market ended lower on third day in a row. Nifty 50 index lost 159 points and closed at 19,742 levels, BSE Sensex shed 570 points and ended at 66,230 levels whereas Bank Nifty index corrected 760 points and closed at 44,623 mark. Broad market indices fell marginally more than the Nifty even as the advance decline ratio fell further to 0.46:1.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market bias continues to remain cautious. Prabhudas Lilladher expert went on to add that Nifty 50 index has breached below 19,800 levels that has hit stock market sentiments further. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Larsen & Turbo, Cummins India and Data Patterns.
On outlook for Nifty today, Vaishali Parekh said, "Nifty extended the losses further to breach below the 19800 zone with bias maintained with a cautious approach with overall trend turning weak. Further the index has got the near-term support zone near 19,670 levels while the major support lies near 19,550 levels which is where the significant 50EMA lies."
"Bank Nifty witnessed heavy profit booking as compared to the Nifty index breaching below the important support zone of 44800 levels to turn the bias weak with most of the frontline banking stocks shedding their gains and bias turning little bit weak. The index would have the next crucial support zone of 43600 levels below which need to be sustained," said Parekh.
Parekh went on to add that support for Nifty 50 index is placed at 19,600 levels while the resistance is seen at 19,850 levels. Bank Nifty would have the daily range of 44,200 to 45,000 levels.
Stocks to buy today
1] Larsen & Turbo or LT: Buy at ₹2899, target ₹3030, stop loss ₹2840;
2] Cummins India: Buy at ₹1745, target ₹1800, stop loss ₹1710; and
3] Data Patterns: Buy at ₹2095, target ₹2200, stop loss ₹2050.
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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