Buy or sell: Vaishali Parekh recommends three stocks to buy today — 2nd January
Buy or sell stocks for today: Due to late sell-off in Indian stock market on first trade session of 2024, key benchmark indices of Dalal Street pare most of its intrada gains on Monday. Nifty 50 index ended 10 points higher at 21,741 levels. BSE Sensex added 31 points and closed at 72,271 mark whereas Nifty Bank index went off 57 points and finished at 48,234 levels. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.82:1.
Intraday trading tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index is finding resistance at 21,800 levels for the last three sessions. However, Prabhudas Lilladher expert maintained that overall market bias is positive till 50-stock index is sustaining above its crucial support placed at 21,550 levels. Parekh went on to add that Bank Nifty would need to break above the 48,600 zone for continuation of the uptrend.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Syngene International, GHCL and Welspun Corp.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty has taken a halt near 21,800 zone finding resisting since the last 3 sessions and has been in consolidation with support maintained near 21,670 levels with overall bias maintained strong as of now. As we have mentioned earlier, the index would need to sustain above the support zone of 21,550 levels to maintain the positive bias and upside need to breach above the 21,800 zone for fresh breakout to continue with the uptrend.”
“Bank Nifty also has been hovering near the 48,300 zone since the last few sessions and would need to break above the 48,600 zone for continuation of the uptrend. On the downside the levels near 46,300 shall remain as the strong support zone below which the trend shall turn weak,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 21,600 zone while the resistance is seen at 21,900 level. Bank Nifty would have a daily range of 47,900 to 48,600 levels.
Stocks to buy today
1] Syngene: Buy at ₹709.75, target ₹745, stop loss ₹698;
2] GHCL: Buy at ₹606, target ₹635, stop loss ₹596; and
3] Welspun Corp: Buy at ₹570.80, target ₹600, stop loss ₹562.
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 decision.
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