Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 8
Buy or sell stocks for today: Following sideways cues ahead of US Fed chief’s speech on Tuesday, Indian stocks remained range-bound with high volatility in previous session. 50-stock Nifty ended 43 points lower at 17,721, 30-stock Sensex lost 220 points and closed at 60,286 levels whereas Bank Nifty index gained 116 points and closed at 41,490 mark. In broad markets, mid-cap index ended in green where small-cap index lost around 0.16 per cent.
Intraday trading strategy for Wednesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has been trading in 17,650 to 17,800 range. Prabhudas Lilladher expert said that Nifty needs to breach 17,800 hurdle for creating a decisive conviction about the market trend. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are IRB Infra, Jindal Steel and Cochin Shipyard.
“Nifty once again witnessed a failed attempt to breach the crucial barrier zone of 17800 levels and slipped thereafter to touch the low near 17650 zone and with some volatility closed near 17700 levels. The index has been consolidating between the range of 17800 and 17650 levels for quite some time and as said earlier would need a decisive breach above 17800 to establish some conviction and clarity for further rise,” said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty also has been witnessing tough resistance near 41600 zone and with fluctuations happening during the intraday session is hovering near the 41000 and 41600 zone.
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On intraday trading strategy for today, Vaishali Parekh said, “It’s a wait and watch scenario for the indices to get a clear directional trend and establish some conviction. The support for the day is seen at 17600 while the resistance is seen at 17850. Bank Nifty would have the daily range of 41000-42000 levels.”
Stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today and here we list out full details in regard to those shares:
1] IRB Infra: Buy at ₹279, target ₹292, stop loss ₹275;
2] Jindal Steel: Buy at ₹570, target ₹592, stop loss ₹560; and
3] Cochin Shipyard: Buy at ₹485, target ₹500, stop loss ₹477.
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.