Buy or sell: Vaishali Parekh recommends these 2 stocks to buy today — 8th Sept
Premium- Buy or sell: Nifty 50 index is facing tough resistance barrier near 17,700 levels, believes Vaishali Parekh of Prabhudas Lilladher
Buy or sell: Amid range-bound but highly volatile trend, Dalal Street ended in negative zone on second straight session on Wednesday. However, Mid-cap and Small-cap indices outperformed key benchmark indices by logging 0.46 per cent and 0.79 per cent rise respectively on Wednesday session. Advance decline ratio was in positive territory after the close of yesterday's session. Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that day traders should stick to stock specific trade till there is breakout on either side of the range. Vaishali Parekh of Prabhudas Lilladher has recommended two stocks — SBI Cards and Piramal Enterprises Ltd or PEL to buy today.
Speaking on Nifty technical outlook Vaishali Parekh said, "Nifty once again witnessed a volatile session having a tough resistance barrier near 17,700 levels moving within a range for quite some time with the bias and sentiment as of now maintained on a cautiously positive approach would need further clarification and confirmation of the trend. On the downside the near term support zone is maintained near the 17,450 levels and major strong support visible near the 17,000 to 17,100 zone, which is where the significant 200DMA and 50EMA lies."
"Bank Nifty also resisting near the 40,000 landmark witnessed further profit booking to slide down towards 39,350 to 39,400 zone. The overall bias and sentiment is maintained cautiously positive with select Mid-cap and Small-cap counters continuing to perform well. The support for the day is seen at 17,500 while the resistance is seen at 17,750. Bank Nifty would have the daily range of 39,100 to 39,800 levels.
Vaishali Parekh recommendations
On stocks to buy or sell today, Vaishali Parekh of Prabhudas Lilladher recommended two stocks that are as below:
1] SBI Card: Buy at ₹958, target ₹995, stop loss ₹942; and
2] PEL: Buy at ₹1028, target ₹1065, stop loss ₹1012.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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