Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 2
2 min read . Updated: 02 Mar 2023, 06:39 AM IST
Premium- Nifty 50 index needs to cross decisively above 17,750 to 17,800 zone for overall trend reversal on Dalal Street, believes Vaishali Parekh of Prabhudas Lilladher
Buy or sell stocks for today: Following strong global cues on positive macro-economic numbers from China, Indian stock market snapped eights day losing spree on Wednesday session. 50-stock Nifty index ended 146 points higher at 17,450 while BSE Sensex shot up 448 points and closed at 59,411 levels. Bank Nifty index finished 429 points higher at 40,498 mark. In broad markets, small-cap index gained 1.38 per cent while mid-cap index advanced 1.35 per cent on Wednesday. Advance decline ratio finished at 3.25:1 on Wednesday.
Intraday trading strategy for Thursday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty 50 index needs to cross decisively above 17,750 to 17,800 zone for overall trend reversal on Dalal Street. However, Prabhudas Lilladher expert said that in comparison to Nifty, Bank Nifty is better placed for upside movement. Asked about stocks to buy today, Vaishali Parekh recommended three intraday trading stocks for today and those three day trading stocks are Maruti Suzuki India Ltd or MSIL, HAL and RCF.
Speaking on outlook for Nifty today, Vaishali Parekh said, "Nifty finally ended in the green above 17400 zone after a long streak of 8 consecutive losing sessions to indicate a slight pullback and show signs of some temporary relief. The index needs to cross decisively the 17,750 to 17,800 zone for the overall trend to improve and establish some conviction for further directional move ahead."
Prabhudas Lilladher expert went on to add that Bank Nifty is better placed as compared to Nifty index closing near the 40,700 zone and a decisive move past the 41,200 zone would improve the trend to some extent and can anticipate for further upside with conviction established. On the downside, as of now 39,800 is maintained as the important support zone in the near-term time frame and a decisive breach below that can trigger for further intensified selling.
"The support for the day is seen at 17,350 while the resistance is seen at 17,600 levels. Bank Nifty would have the daily range of 40,300 to 41,200 levels," said Parekh.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares:
1] Maruti Suzuki: Buy at ₹8764, target ₹8960, stop loss ₹8640;
2] HAL: Buy at ₹2684, target ₹2780, stop loss ₹2630; and
3] RCF: Buy at ₹100, target ₹106, stop loss ₹98.
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.