Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 5
Buy or sell stocks for today: After witnessing high volatility with a positive bias Indian stock market ended higher on Friday. The Nifty 50 index finished 156 points higher at the 21,853 level and the BSE Sensex surged 440 points and closed at the 72,085 mark. However, the Bank Nifty index lost 217 points and ended at the 45,970 level. The small-cap index rose less than the Nifty 50 index even as the advance-decline ratio rose to 1.17:1.
In the broad market, both small-cap and mid-cap indices touched a new high on Friday. The small-cap index ended 0.49 percent higher after touching a new lifetime high of 46,469 while the mid-cap index finished 0.80 percent northward after touching a new peak of 39,140.
Intraday trading tips for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the important support zone for the Nifty 50 index has remained sacrosanct.
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The Prabhudas Lilladher expert went on to add that the Nifty 50 index has an important support zone at around 21,500 levels but for a fresh bull trend, the 50-stock index must close above 22,000 levels.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — LTIMindtree, Tata Metaliks, and Tata Steel.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “Nifty 50 index creates history once again to hit the All-Time high of 22,126 during the intraday session but fizzled out post-lunch session to erase most of the gains to end near 21,850 levels with bias and sentiment still maintained positive. As mentioned earlier, the index has maintained the important support zone of 21,500 levels intact while on the upside, as of now, a close above 22,000 is much required to carry on with the positive note further ahead.”
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“Bank Nifty witnessed heavy profit booking the second half of the trading session after resisting near the 46,900 zone to end near the low of 45,950 levels. The index would need a decisive close above the 46,l300 zone of the significant 50EMA level to establish some conviction and expect for further rise,” said Parekh.
Parekh went on to add that the immediate support for Nifty today is placed at 21,700 while the resistance would be at the 22,000 level. Bank Nifty would have a daily range of 45,500 to 46,500 levels.
Stocks to buy today
1] LTIMindtree: Buy at ₹5485, target ₹5680, stop loss ₹5400;
2] Tata Metaliks: Buy at ₹1090.50, target ₹1130, stop loss ₹1070; and
3] Tata Steel: Buy at ₹138.70, target ₹145, stop loss ₹136.
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: 05 Feb 2024, 06:47 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.