Buy or Sell: Vaishali Parekh recommends 2 stocks to buy today - October 27

 

Vaishali Parekh believes that there may be some profit-booking on Dalal Street but overall sentiment is still positive.

• Prabhudas Lilladher's Vaishali Parekh has a buy recommendation on 2 stocks today - L&T and Indian Hotels Company

Buy or Sell Shares Today: After weak global cues on Tuesday, the Indian stock market ended its 7-day winning streak and closed in negative territory. Nifty 50 index fell 74 points to 17,656, 30 stock sensitive index BSE Sensex lost 287 points to 59,543 while Nifty Bank lost 182 points to close at 41,122. The mid-cap index outperformed the major indices and ended up 0.45 per cent higher, while the forward decline ration ended at 0.61:1 on Tuesday.

Vaishali Parekh's recommendations

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher believes that Nifty has formed a bearish candle pattern on the chart and there may be some profit-booking on Dalal Street after series of gains by Indian stocks. However, Vaishali Parekh of Prabhudas Lilladher said the overall sentiment is positive and advised 'Dips on Dips' strategy for situational investors, while traders can stick with their 'stock specific' approach. Prabhudas Lilladher expert advised day traders to look at two stocks for intraday trading and those two stocks are Indian Hotels Company and L&T.

Today's Trading Strategies for the Stock Market

Sharing intraday trading tips, Vaishali Parekh of Prabhudas Lilladher said, "Nifty saw a gradual decline after opening near 17,750 level and ended with a 74 points decline near 17,650 zone and a bearish rout on the daily chart." Formed candlestick to expect some profit booking in the coming session. Bank Nifty also saw resistance near 41,500 area and some profit booking with banking stocks like Axis Bank, Kotak Bank, ICICI Bank and HDFC Bank With a fall of 182 points, it closed near the level of 41,100.

However, Vaishali Parekh said the overall bias and sentiment is retained with a cautious outlook with Nifty index still serving as a strong support base with 17,350 to 17,400 zone. Support for the day is seen at 17,550 while resistance is seen at 17,800 level. The daily range of Bank Nifty will be in the range of 40,700 to 41,600 levels.

stocks to buy today

As mentioned above, Vaishali Parekh has recommended 2 stocks to buy today, here we list the details regarding those shares:

1] L&T: Buy at ₹1949, Target ₹2010, Stop Loss ₹1915; And

2] Indian Hotels Company: Buy at ₹319, Target ₹330, Stop Loss ₹314.