Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 23
4 min read . Updated: 23 Feb 2023, 06:51 AM IST
Premium- Buy or sell: Nifty has immediate support placed at 17,350 levels, which is its previous bottom made on the budget day, believes Vaishali Parekh
Buy or sell stocks for today: Following sell off across global markets, Dalal Street finished lower on fourth day in a row on Wednesday. Nifty lost over 1.50 per cent and finished at 4-month low of 17,554 levels. BSE Sensex lost 927 points and closed at 59,744 whereas Bank Nifty index corrected over 1.65 per cent and closed at 39,995 levels. All Sectoral Indices ended in the red. Nifty Metal, Media and PSU banks fell the most. Advance Decline ratio stood at 0.38, which is lowest since 27th January 2023.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that next support for Nifty is placed at 17,350 levels whereas Bank Nifty witnessed heavy sell off due to profit booking in frontline banking stocks. Prabhudas Lilladher expert went on to add that Nifty today is expected to trade in 17,400 to 17,700 range whereas Bank Nifty today may trade in 39,500 to 40,500 range.
On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are VIP Industries, Persistent Systems and IPCA Lab.
Asked about outlook for Nifty today, Vaishali Parekh said, "Nifty plunged below the 17800 zone and slipped further as the day progressed to close on a very weak note near 17,550 zone with 4 consecutive session of negative closing. The index has got the next major support near the significant 200DMA level of 17,350 zone which is also the previous bottom made on the budget day session."
On why Bank Nifty ended lower on fifth day in a row, Vaishali Parekh said, "Bank Nifty witnessed intensified heavy selling pressure below the 40,500 zone and touched the intraday low of 39,900 levels with weak bias and has the next major support near 39,450 to 39,500 zone of the previous bottom level. The frontline heavyweight banking stocks like Axis Bank, ICICI Bank, HDFC Bank, SBI and Kotak Bank have witnessed profit booking with trend turning weak."
Unveiling the intraday trading tips for Thursday session, Prabhudas Lilladher expert said, "The support for the day is seen at 17,400 while the resistance is seen at 17,700 levels. Bank Nifty would have the daily range of 39500-40500 levels."
Stocks to buy today
As mentioned earlier, Vaishali Parekh of Prabhudas Lilladher has recommended three buy or sell stocks for today's session, here we list out full details in regard to those intraday stocks:
1] VIP Industries: Buy at ₹665, target ₹688, stop loss ₹656;
2] Persistent Systems: Buy at ₹5039, target ₹5170, stop loss ₹4960; and
3] IPCA Lab: Buy at ₹820, target ₹855, stop loss ₹807.
Disclaimer: .he 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.