 |
|
Buy or Sell Stocks Today: Vaishali Parekh Recommends Three Shares
The performance of the Nifty 50 index is a key indicator of the Indian stock market's health. Despite the index ending higher on Friday's session, the market experienced its worst week in nearly two months. This was due to nervous election-related unloading, which continued at a slower pace.
The Nifty 50 index added 97 points and finished at the 22,055 mark, while the BSE Sensex surged 260 points and ended at 72,664. However, the Nifty Bank index corrected 66 points and ended at the 47,421 level.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias is still cautious and the 50-stock index has crucial support placed at 21,750.
She emphasizes that a decisive breach above 22,230 is necessary to improve the bias and establish conviction for further rise.
On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — Hindustan Unilever Ltd or HUL, Grasim Industries, and JSW Steel. Her insights are invaluable for making informed investment decisions.
Looking ahead, Vaishali Parekh provides a clear outlook for the Nifty 50 index.
She states, "The Nifty 50 index witnessed a significant slide during the week with the 22,000 zone sustained as of now with bias maintained with a cautious approach and has 21,750 levels as the crucial and important support base. A decisive breach above the significant 50EMA level of 22,230 is necessary to improve the bias and establish conviction for further rise."
This foresight prepares the audience for potential market movements and helps them make strategic decisions.
"The Bank Nifty index has slipped from near the 50,000 zone and currently is near the important support of 47,000 level of the rising trendline zone. The index needs to cross above the 48,200 level for the bias to improve and thereafter, anticipate for further rise with conviction," said Parekh.
Parekh went on to add that Nifty today has immediate support placed at 21,900 levels while the resistance would be at 22,200 levels. The Bank Nifty would have the daily range of 47,000 to 48,000 levels.
Buy or sell stocks for today
1] HUL: Buy at ₹2362, target ₹2470, stop loss ₹2315;
2] Grasim Industries: Buy at ₹2377, target ₹2485, stop loss ₹2325; and
3] JSW Steel: Buy at ₹853.60, target ₹888, stop loss ₹834.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
Source: Buy or sell: Vaishali Parekh recommends three shares to buy today — May 13