Buy or sell: Vaishali Parekh recommends buying in 3 stocks today — 23 May

Sensex opened 150 points lower at 61,579.78 but shrugged off weakness soon to rise 315 points to hit the intraday high of 62,044.46. The index closed 234 points, or 0.38 per cent, higher at 61,963.68 while the Nifty closed the day at 18,314.40, up 111 points, or 0.61 per cent.

While Nifty Bank was down by 0.19 per cent to 43,885.10.

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

She said, Nifty levels near 18100 would be the crucial support zone while on the upper side, a decisive breach above 18400 would trigger for a fresh upward move with next targets of 18700-18850 levels..

“Nifty has continued with the positive move to breach the 18300 zone improving the bias and with a “Morning Star pattern” visible on the daily chart, one can anticipate for further rise in the coming days with strength indicated. The levels near 18100 would be the crucial support zone while on the upper side, a decisive breach above 18400 would trigger for a fresh upward move with next targets of 18700-18850 levels,” she said

“BankNifty on the other hand remained passive resisting near 44000 zone witnessing consolidation and would need a decisive break through above the 44200 zone for fresh breakout and anticipate for further rise in the coming days. The levels near 43400 would remain as the important near-term support zone while above 44200, we have fresh upside targets of 45900-46000 levels. The support for the day is seen at 18200 levels while the resistance is seen at 18450 levels. BankNifty would have the daily range of 43500-44200 levels.,” she added.

Parekh recommends buying the following stocks:

Buy DCAL at 132 with a stop loss 129 and a target price of 140

Buy Larsen Turbo at 2216 with a stop loss 2180 and target price of 2270

Buy IRCTC at 623 with a stop loss 613 and target price of 647

Nifty Spot Index

Support – 18200/18150

Resistance – 18450/18500

Bank Nifty Spot Index

Support – 43500/43450

Resistance – 44200/44250

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.