Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 29
Buy or sell stocks for today: Following sell off in global markets, Dalal Street witnessed sharp correction ahead of the closing bell on Thursday session. Nifty 50 index finished 192 points lower at 19,523 levels, BSE Sensex corrected 610 points and ended at 65,508 mark whereas Bank Nifty lost 287 points and closed at 44,300 levels. All the sectors entered in red with IT and FMCG being the biggest losers to the tune of almost 2 per cent. Mid-cap index fell more than the Nifty even as the advance decline ratio fell sharply to 0.62:1.
Intraday trading strategy for Friday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty closing below 19,550 has once again turned the market tide towards the bears’ side. Prabhudas Lilladher expert went on to add that if Nifty 50 continues to remain below 19,550 in early morning session on Friday, then crucial support for Nifty today will be around 19,250 levels.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Power Grid Corporation of India, CIE India Automotive and Syngene.
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On Nifty 50 outlook, Vaishali Parekh said, “Nifty tanked heavily after opening on a positive note in the morning session resisting near 19,750 zone and as the day progressed breached below the significant 50EMA level of 19,550 to turn the bias once again weak indicating a “Bearish Engulfing Candle” on the daily chart. The index would have the next major support zone of 19,250 if it sustains below the 19,550 zone in the coming session.”
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“Bank Nifty also witnessed resistance near the important 50EMA level of 44,800 zone and with profit booking seen slipped down to end near 44,300 levels to erase the gains witnessed in the previous session. The index would have the next major support zone of 43,600 levels of the previous bottom made where it should sustain and witness some improvement,” said Parekh adding, “The support for the day is seen at 19,400 levels while the resistance is seen at 19,700 levels. Bank Nifty would have the daily range of 44,000 to 44,700 levels.”
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Power Grid Corporation: Buy at ₹200.75, target ₹212, stop loss ₹196;
2] CIE India Automotive: Buy at ₹484, target ₹517, stop loss ₹476; and
3] Sungene: Buy at ₹778, target ₹820, stop loss ₹765.
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.
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Updated: 29 Sep 2023, 06:51 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.