Manohar Vaishali Parekh recommends two stocks to buy today - Century Textiles and Piramal Enterprises Limited or PEL.
• Vaishali Parekh of Prabhudas Lilladher believes that the overall positive sentiment remains intact but the possibility of a brief correction cannot be ruled out.
Buy or Sell Stock for Today: Despite weakness in Asian stocks, Dalal Street extended its rally for the fifth consecutive session on Thursday. The opening of the Indian stock market on Thursday was gap down, but due to recovery in the last hour, it managed to end on a high note. The Nifty 50 index closed 51 points higher at 17,563 while the BSE Sensex closed 95 points higher at 59,202. But, the Nifty Bank index closed at 40,099, down 273 points. The broader market indices underperformed despite ending Thursday's session at 1:1.
Vaishali Parekh's recommendations
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher believes that the Indian stock market is trading in a narrow range and is facing resistance in the higher range. Prabhudas Lilladher's Vaishali Parekh said the overall positive sentiment remains intact but the possibility of a brief recovery cannot be ruled out. On stocks to buy today Vaishali Parekh recommends two stocks to buy today and those two stocks are Century Textiles and Piramal Enterprises Limited or PEL.
day trading strategy
Commenting on the intraday trading tips for stock market today, Vaishali Parekh said, "Nifty is hovering near 17,500 zone which is open with a gap down and showing resistance to gradually regain 17,500 level. Bank Nifty also remained subdued. And the daily chart witnessed some profit booking from 40,600 zone for lower top formation and possibility of a minor correction cannot be ruled out "
Prabhudas Lilladher Expert further said that the overall sentiment so far has been cautiously maintained with a positive outlook and the 17350 zone is maintained and needs to cross the 17600 level decisively for further upside.
“As far as maintaining the positive bias, Bank Nifty needs to be maintained above 39400 zone and with positive trend we expect to move further and further strengthen the trend above 40700-40750 zone. Support for the day is seen at 17400. While resistance will be at 17700. Daily range for Bank Nifty will be at 39600-40600 levels."
stocks to buy today
As mentioned above, Vaishali Parekh has two recommended stocks to buy today. Here we list the details about those who bought or sold the stock for today:
1] Century Textiles: Buy at ₹808, Target ₹840, Stop Loss ₹794; And
2] Piramal Enterprises Ltd. or PEL: Buy at ₹843, target of ₹865, stop loss of ₹830.
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