Buy or sell stocks for today: Following weak global cues on Tuesday, Indian stock market ended its 7 days winning streak and closed in negative zone. Nifty 50 index went off 74 points and finished at 17,656, 30 stocks sensitive index BSE Sensex lost 287 points and closed at 59,543 whereas Nifty Bank lost 182 points and closed at 41,122 levels. Mid-cap index outsmart key indices and finished 0.45 per cent higher while advance decline ration ended at 0.61:1 on Tuesday.
Vaishali Parekh’s recommendations
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that Nifty has formed a bearish candle pattern on chart and there can be some profit booking taking place on Dalal Street after a series of gains by Indian stocks. However, Vaishali Parekh of Prabhudas Lilladher maintained that overall sentiment is positive and advised ‘buy on dips’ strategy for positional investors whereas traders can remain with their ‘stock specific’ approach. Prabhudas Lilladher expert advised day traders to look at two stocks for intraday trading and those two stocks are Indian Hotels Company and L&T.
Day trading strategies for stock market today
Sharing intraday trading tips, Vaishali Parekh of Prabhudas Lilladher said, “Nifty after opening near the 17,750 levels witnessed a gradual slide to end near the 17,650 zone losing 74 points and forming a bearish candle on the daily chart to anticipate for some profit booking in the coming sessions. Bank Nifty also witnessed resistance near the 41,500 zone and slipped down to close near the 41,100 levels losing 182 points with banking stocks like Axis Bank, Kotak Bank, ICICI Bank and HDFC Bank witnessing some profit booking.”
However, Vaishali Parekh went on to add that overall bias and sentiment are maintained intact with a cautious approach with Nifty index still having the 17,350 to 17,400 zone as the strong support base. The support for the day is seen at 17,550 while the resistance is seen at 17,800 levels. Bank Nifty would have the daily range of 40,700 to 41,600 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended 2 stocks to buy today, here we list out details in regard to those shares:
1] L&T: Buy at ₹1949, target ₹2010, stop loss ₹1915; and
2] Indian Hotels Company: Buy at ₹319, target ₹330, stop loss ₹314.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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Read More: Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — October 27