Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 21
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Buy or sell stocks: After showing a sharp downside breakout on Tuesday, the Indian stock market shifted into a consolidation movement amidst volatility on Wednesday. Two out of three benchmark indices ended higher while the broad market indices ended flat even as the advance-decline ratio rose to 0.75:1. The Nifty 50 index gained 21 points and closed at 21,839 level, the BSE Sensex shot up 89 points and ended at 72,101 level whereas the Bank Nifty index shed 73 points and finished at 46,310 mark.
Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that amid volatility the Nifty 50 index recovered from the intraday low on Wednesday. The Prabhudas Lilladher expert maintained that buying in the mid-cap stocks enabled this pullback in the previous session. Vaishali Parekh said that the Indian stock market bias would continue to remain cautious and the 50-stock index needs to breach above 22,000 level to improve the conviction. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — SBI, Colgate Palmolive, and Delhivery.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index amid volatility recovered from the day’s low of 21,700 levels and with some participation witnessed from the midcap counter as well, the index ended the session near 21,850 zones near the important 50EMA levels. The bias is maintained with a cautious approach and would need to close above the 22,000 zone to establish some conviction.”
Also Read: Castrol India, Ksolves India, Patanjali Foods shares to trade ex-dividend today
“The Bank Nifty index also failed to sustain above the 46,500 zone during the intraday session and ended in the red near the 46,300 zone with bias maintained weak. As mentioned earlier, a decisive breach above 47,300 is required to overall improve the bias,” said Parekh.
Parekh went on to add that the immediate support for Nifty today is placed at the 21,700 level while the resistance would be seen at 22,000. The Bank Nifty index would have a daily range of 45,800 to 46,800 levels.
Vaishali Parekh stocks to buy today
1] SBI: Buy at ₹736, target ₹770, stop loss ₹720;
2] Colgate Palmolive: Buy at ₹2664, target ₹2780, stop loss ₹2600; and
3] Delhivery: Buy at ₹463.50, target ₹485, stop loss ₹454.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 21 Mar 2024, 07:47 AM IST
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