Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 22
Buy or sell stocks: Following weak global market sentiments after Tuesday’s sell-off on Wall Street, the Indian stock market ended lower on Wednesday. The Nifty 50 index lost 141 points and closed at the 22,055 level, the BSE Sensex shed 434 points and ended at the 72,623 mark whereas the Bank Nifty index finished 74 points lower at the 47,019 level. In the broad market, the small-cap and the mid-cap indices fell more than the Nifty 50 index even as the advance-decline ratio fell sharply to 0.52:1.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is facing resistance at 22,300 level. The Prabhudas Lilladdher expert maintained that some of the frontline stocks are under sell-off stress and hence investors should remain vigilant about the crucial support of the 50-stock index. Vaishali Parekh said that Nifty today has crucial support placed at the 22,000 level and a decisive breach below this support may further push the downside trend on Dalal Street.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Westlife Development, Oberoi Realty, and Kiri Industries.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty has witnessed resistance near the 22,300 levels and with a bearish engulfing pattern visible on the daily chart and some of the select frontline stocks witnessing profit booking, a decisive close below 22,000 zones, shall slightly weaken the bias to slip down till 21,800 (20DMA) which is a strong support zone as of now.”
“Bank Nifty also resisted near the 47,400 to 47,500 zone and with some profit booking seen in some of the frontline banking stocks, we can expect a small breather or consolidation in the coming days. Both indices’ daily trends have remained positive and will require additional positive upward movement to maintain the trend,” said Parekh.
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Parekh went on to add that the immediate support for Nifty today is placed at the 21,900 mark, while the resistance is seen at the 22,200 level. Bank Nifty would have a daily range of 46,600 to 47,500 levels.
Stocks to buy today
1] Westlife Development: Buy at ₹822, target ₹855, stop loss ₹804;
2] Oberoi Realty: Buy at ₹1321, target ₹1364, stop loss ₹1295; and
3] Kiri Industries: Buy at ₹412, target ₹430, stop loss ₹402.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 22 Feb 2024, 06:49 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.