Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 27
1 min read . Updated: 27 Feb 2023, 06:35 AM IST
Premium- Buy or sell: The support for the day is seen at 17,300 while the resistance is seen at 17,600 levels, says Vaishali Parekh
Buy or sell stocks for today: On account of weak global sentiments on renewed US inflation concern, Dalal Street ended lower for fourth straight session on Friday last week. 50-stock Nifty index went off 45 points and closed at 17,465 whereas BSE Sensex finished 141 points lower at 59,463 levels. Bank Nifty index lost 92 points and closed at 39,909 mark. However, broad markets outperformed key benchmark indices as small-cap index corrected 0.15 per cent while mid-cap index went down 0.17 per cent during the week off session.
Intraday trading strategy for Monday
On outlook for Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Nifty continue to trade lower for the 6th consecutive sessions breaching below the 17,500 zone with sentiment and bias getting weaker. The index, as said earlier, has got the next major support zone near the significant 200DMA level of 17,350 which is also where the previous crucial bottom was made on the Budget day and thereafter has the 17,100 level of the falling trendline support zone."
Prabhudas Lilladher expert went on to add that Bank Nifty is also indicating weakness and has breached below the 40,000 zone with most of the frontline banking stocks showing weak bias and further slide anticipated. Similarly, as said earlier, the index has got the next major support zone near 39500 levels and thereafter 39200 of the significant 200 DMA levels.
"The support for the day is seen at 17,300 while the resistance is seen at 17,600 levels. Bank Nifty would have the daily range of 39,300 to 40,400 levels," Parekh added.
Stocks to buy today
On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Hindustan Oil Exploration, Shriram Finance and GNFC (Gujarat Narmada Valley Fertilizers & Chemicals).
Here we list out full details in regard to those intraday stocks:
1] Hindustan Oil Exploration: Buy at ₹141, target ₹150, stop loss ₹137;
2] Shriram Finance: Buy at ₹1218, target ₹1260, stop loss ₹1200; and
3] GNFC: Buy at ₹551, target ₹574, stop loss ₹543.
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.