Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 5
Buy or sell stocks for today: On account of strong global market sentiments, Indian stock market ended higher on Thursday and all three key benchmark indices posted handsome gains. 50-stock index Nifty shot up 165 points and finished at more than four months high while 30-stock index Sensex ascended 555 points and closed at 61,749 levels. Bank Nifty index shot up 372 points and closed at 43,685 mark. In broad markets, both small-cap and mid-cap indices finished higher with intraday gains of little over 0.80 per cent.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has strong support at 18,050 levels and the 50-stock index has breached crucial hurdle placed at 18,200 levels. Prabhudas Lilladher expert went on to add that various sectors have begun to show strength after the pull back rally on Thursday. On stocks to buy today, Vaishali Parekh recommended three day trading stocks for today and those three intraday stocks are Reliance Industries Limited or RIL, Havells India and Axis Bank.
On outlook for Nifty today, Vaishali Parekh said, “Nifty once again has held levels near the 18,050 zone, indicating strong support, and has witnessed a decent pullback to breach the crucial hurdle of the 18,200 zone, anticipating a further upward rise in the coming days with major frontline stocks among the various sectors beginning to show significant strength.”
“Bank Nifty also gaining strength, moved past the 43,500 zone quite convincingly and is expected to carry on with the momentum still further upside till 44,000 levels. With the overall trend improving, we maintain a positive outlook and can look out for fresh stocks for further gains,” Parekh said.
Parekh went on to add that support for NSE Nifty is placed at 61,300/18,100 (Sensex/Nifty), while the resistance is seen at 62,200/18,400 (Sensex/Nifty). Bank Nifty would have a daily range of 43,000 to 44,300 levels.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those buy or sell stocks:
1] Havells: Buy at ₹1256, target ₹1310, stop loss ₹1230;
2] Axis Bank: Buy at ₹865, target ₹920, stop loss ₹830; and
3] Reliance Industries Limited or RIL: Buy at ₹2448, target ₹2600, stop loss ₹2400.
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.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Download Finplay News App to get Daily Market Updates.
More
Less
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.