Buy or sell: Vaishali Parekh recommends buying in 3 stocks today – 23 August

The general sentiment of the market was optimistic, reflecting the mood globally. Even as US Treasury yields surged on worries that interest rates will stay high for a longer than anticipated amount of time, European stocks traded with healthy gains among their global peers whereas the Sensex closed flat.

Sensex closed 4 points higher at 65,220 while the Nifty closed the day at 19,396, up 3 points.

Also Read: Market Wrap: Sensex, Nifty end flat; mid, smallcaps clock strong gains; investors richer by over a lakh crore

“Nifty after opening higher traded sideways throughout the session to close flat at 19396. The broader market outperformed with the Nifty midcap 100 up 1% while the Nifty smallcap 100 was up 0.8%. Sectorially it was a mixed bag with buying seen in Metals, FMCG, and Auto. 

In the near term market is expected to trade in a range as investors await the US Federal Reserve’s annual Jackson Hole gathering and US Fed Chair Jerome Powell’s speech later in the week,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s session:

Parekh said Nifty witnessed a rangebound session witnessing resistance near the 19,440 zone during the intraday session and closed on a flat note near 19,400 zone consolidating for the time being whereas the broader markets showing active participation with mid-cap and small-cap indices indicating new round of momentum.

Nifty index as mentioned earlier, is holding on the 19,300 zone and upside would need a decisive breach above 19,500 levels for further conviction to be established. Bank Nifty also overall witnessed a sluggish session with upside capped near 44,120 zone and downside maintained near the 44,000 levels, also to end on a flat note, according to Parekh.

“Overall, with the index consolidating needs to breach above the 44,500 zone decisively to establish some conviction and carry on the momentum still further ahead for next targets of 45,400-45,600 levels. The support for the day is seen at 19,300 levels while the resistance is seen at 19,550 levels. Bank Nifty would have the daily range of 43,700-44,500 levels,”said Parekh.

Vaishali recommends buying the following stocks:

Buy Mahindra & Mahindra Financial Services Ltd at ₹288.50 with a stoploss of ₹284 and a target price of ₹301.

Buy Rashtriya Chemicals & Fertilizers (RCF) at ₹111.50 with a stoploss of ₹109 and a target price of ₹117.

Buy INOX Green Energy Service at ₹72.15 with a stoploss of ₹71 and a target price of ₹76.

Nifty Spot Index

Support – 19300/19250

Resistance – 19550/19600

Bank Nifty Spot Index

Support – 43700/43650

Resistance – 44500/44550

Also Read: Top gainers, losers today: ITC, Jio Financial Services, Bajaj Finserv, NTPC; check full list here

Updated: 23 Aug 2023, 06:14 AM IST