Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 5
Buy or sell stocks for today: After showing range bound movement with positive bias in the last few sessions, Indian stocks witnessed steep decline on Wednesday. 50-stock NSE Nifty index ended 189 points lower at 18,042, BSE Sensex finished 636 points lower at 60,657 whereas Nifty Bank index corrected 466 points and ended at 42,958 levels. Broad market came under severe pressure as advance decline ratio fell to 0.42:1.
Day trading strategy for stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has indicated a bearish candle on the daily chart weakening the bias and market sentiments. Prabhudas Lilladher expert suggested traders to go for selective stocks till further clarity becomes visible. On stocks to buy today Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two shares are Maruti Suzuki India Limited or MSIL and Divi’s Laboratories.
On intraday trading tips for day traders, Vaishali Parekh said, “Nifty witnessed heavy profit booking after witnessing a strong resistance barrier near the 18,250 zone in the past 2-3 sessions and slipped towards the 18,000 levels during the intraday session where it took support as of now. Nifty has indicated a bearish candle on the daily chart weakening the bias and the sentiment once again is maintained with a cautious approach.”
Parekh said that Bank Nifty also witnessing a resistance zone near 43,550 levels gave in touch the intraday low of 42,900 weakening the bias and sentiment and has got the crucial zone of 42,700 levels breaching which the trend would turn weak and can anticipate for further slide.
On her suggestion to intraday traders, Vaishali Parekh said, “With the overall bias and sentiment once again turning weak, we suggest to go for only select stocks as of now till further clarification and conviction is established. The support for the day is seen at 17,900 while the resistance is seen at 18,200. Bank Nifty would have the daily range of 42,400 to 43,500 levels.”
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 intraday stocks:
1] Maruti: Buy at ₹8422, target ₹8640, stop loss ₹8300; and
2] Divi’s Lab: Buy at ₹3435, target ₹3550, stop loss ₹3370.
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.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.