Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 5
2 min read . Updated: 05 Apr 2023, 06:27 AM IST
Premium- Buy or sell stock: Vaishali Parekh has recommended three intraday stocks for today —Can Fin Homes, Mahindra CIE Automotive and L&T Finance
Buy or sell stocks for today: Following strong global cues, Indian stock market closed marginally higher on Monday. 50-stock index Nifty finished 38 points northward at 17,398 levels and 32 out of 50 stocks ended in green territory. 30-stock index BSE Sensex added 114 points and closed at 59,106 mark while Nifty Bank index gained 204 points and ended at 40,813 levels. In broad market, mid-cap index added 0.36 per cent whereas small-cap index appreciated to the tune of 1.17 per cent.
Intraday trading strategy for Wednesday
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that market sentiment has improved after Nifty closing above 17,200 levels. Prabhudas Lilladher expert said that market bias will further improve once it closes above 17,500 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those day trading stocks are Can Fin Homes, Mahindra CIE Automotive and L&T Finance.
On outlook for Nifty today, Vaishali Parekh said, "Nifty opened near the 17400 zone and remained rangebound during the entire trading session to end on a flat note with bias and sentiment improved maintaining above the 17200 zone as of now. The index has the next important zone of the 200DMA level near 17500 zone which would establish conviction for further upward move ahead in the coming days for next target of 16750-16800 zone."
"Bank Nifty overall outperformed the Nifty index with decisively moving ahead of the significant 50EMA level of 40600 improving the bias and sentiment with most of the frontline banking stocks looking good. The index is anticipated to carry on with the positive move till the next near-term target of 41700-41800 zone where there is a crucial barrier which needs to be breached decisively in the coming days to confirm the directional trend of the index," Parekh added.
Vaishali Parekh of Prabhudas Lilladher went on to add that support for Nifty today is seen at 17,250 levels while the resistance is seen at 17,550 levels. Bank Nifty would have the daily range of 40400-41200 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Can Fin Homes: Buy at ₹545, target ₹565, stop loss ₹537;
2] Mahindra CIE Automotive: Buy at ₹361, target ₹377, stop loss ₹355; and
3] L&T Finance: Buy at ₹83.75, target ₹86, stop loss ₹82.50.
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.