Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — December 16Personal FinanceBuy or sell: Vaishali Parekh recommends 2 stocks to buy today — December 16

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — December 16


Buy or sell stocks: On account of weak global cues after US Fed officials hawkish commentary on interest rate hike, Indian stock market reversed its two days uptrend and ended in red territory on Thursday. 50-stock index Nifty dipped 245 points and closed at 18,414, 30-stock Bombay Sensitive Index or Sensex crashed 878 points and finished at 61,799 while Nifty Bank index ended 550 points lower at 43,498 levels. IT stocks received maximum beating following weakness in Nasdaq while cyclical sectors like metals and realty also feel the sell off heat.

Intraday trading strategy for Stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiment has turned cautious as IT, metals, banking and financial services stocks witnessed heavy profit booking on Thursday session. Vaishali Parekh of Prabhudas Lilladher went on to add that current chart pattern indicates bearish sentiment for short term. Asked about intraday stocks for today, Vaishali Parekh recommended two stocks to buy today and those two stocks are Godrej Consumer Products and Shriram Transport Finance.

On stock market outlook, Vaishali Parekh said, “Nifty after a weak opening witnessed heavy selling pressure to slide further and as the day progressed ended on a weak note near 18,400 levels indicating a bearish candle pattern and a lower top formation on the daily chart. The bias and sentiment turned cautious as IT, Metals, Banking stocks and Financial Services witnessed heavy profit booking and dragged the index with 18200 now as the next crucial support zone visible.”

“Bank Nifty along with Nifty index slipped heavily with 42,700 maintained as the major support zone. With the overall sentiment turning weak, the bias has been maintained little bit with a cautious approach. The support for the day is seen at 18,300 while the resistance is seen at 18,550. Bank Nifty would have the daily range of 43,000 to 44,000 levels,” said Parekh.

Stocks to buy today

As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those shares:

1] Godrej Consumer Products: Buy at 903, target 935, stop loss 975; and

2] Shriram Transport Finance: Buy at 1393, target 1430, stop loss 1370.

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.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Finplay.
Download Finplay News App to get Daily Market Updates.

More
Less

Disclaimer: Along with publishing our own news, we get news from various sources namely from news wires ANI, PTI, other reputed finance portals and individual journalists. We are not legally liable for any inaccuracies in the news and expect the reader to do their own due diligence.

http://ganesh@finplay.in

Finance enthusiast, Mutual fund expert.




Leave a Reply

Your email address will not be published. Required fields are marked *

Finplay

AMFI-registered Mutual Fund Distributor ARN-192179

Company

© 2024 Finplay Technologies Private Limited. All Rights Reserved.