Home / Markets / Stock Markets /  Buy or sell: Vaishali Paresh of Prabhudas Lilladher recommends 2 stocks to buy today — Sept 26

Stocks to buy or sell today: Following weak global sentiments post-US Fed interest rate hike, Indian stock market ended in negative zone on third straight session on Friday. Nifty 50 index dipped 302 points and closed at 17,327, Sensex crashed 1020 points and ended at 58,098 whereas Bank Nifty finished at 39,546 levels, 1084 points below its previous close. Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that major support for Nifty 50 index lies at 17,000 levels and more weakness can be expected if this crucial 200 DMA support is broken.

Stock market today: Outlook for key indices

Speaking on Nifty 50 index, Vaishali Parekh of Prabhudas Lilladher said, "Nifty witnessed heavy selling pressure and tanked losing 300 points breaking below the 17500 zone to touch the important support zone of 17300 levels with bias overall turning weak and stocks witnessing heavy profit booking shedding their gains. From here on the next crucial support level lies near the significant 200DMA level of 17000 which if broken would further weaken the trend."

"Bank Nifty also crashed heavily in comparison to Nifty shedding more than 1000 points and closed near the 39,500 zone with the weekly trend turning down after 11 week and bias turning weak. However, the support for the day is seen at 17,200 while the resistance is seen at 17,500. Bank Nifty would have the daily range of 39,000 to 40,000 levels," Vaishali Parekh said.

Vaishali Parekh's recommendations

Vaishali Parekh of Prabhudas Lilladher said that crucial support zone of 17,500 to 17,300 is turning weak and next major support zone for the 50-stock index is placed at 17,000 levels. Prabhudas Lilladher expert said that bias for both Nifty and Bank Nifty are weak and any small rise in the index could be a relief rally only. On stocks to buy or sell today, Vaishali Parekh recommended 2 stocks to buy today — Voltas and NIIT.

Here we list out full details in regard stocks recommended by Vaishali Parekh of Prabhudas Lilladher:

1] Voltas: Buy at 900, target 945, stop loss 880; and

2] NIIT: Buy at 320, target 338, stop loss 312.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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