Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 23 | Stock Market News
Source: Live Mint
Buy or sell stocks: The Indian stock markets bounced back on Wednesday, January 22, recovering from a sell-off in the previous session. The Nifty 50 index closed 0.57 per cent higher at 23,155.35 points, compared to 23,024.65 points in the previous stock market session.
The BSE Sensex index closed 0.75 per cent higher at 76,404.99 points, compared to 75,838.36 points in the previous market session.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 closed on an optimistic note in the 23,150 zone after an initial sluggish slide. The index needs a decisive breach above the 23,350- and 23,500-levels to establish conviction and to expect a further rise. Parekh estimates the Nifty 50 Spot index to find support at 23,000 points and face resistance at 23,350 points. The Bank Nifty index will likely move in the 48,200 to 49,400 range.
Parekh recommended three buy-or-sell stocks for Thursday: Infosys Ltd, Wipro Ltd, and Kotak Mahindra Bank Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty recovered strongly to close on an optimistic note near the 23,150 zone after the initial sluggish gradual slide witnessed maintaining the important and crucial support zone of 23,000 level during the intraday session.”
“The index needs to decisively breach above the 23,350 and 23,500 levels to establish conviction and thereafter anticipate for further rise in the coming days. With the budget session nearing, we anticipate volatility on the rise, coupled with anxiety among the market players,” said the stock market expert.
“Bank Nifty, witnessed a strong bounce from near the 48,100 level on the back of positive result outcome from HDFC Bank, pulling the index to close on a positive note above 48,700 zone, with sentiment slightly eased out. For the index, the 49,700 zone would be the important hurdle, which needs to be crossed, and thereafter establish conviction to carry on with the positive move further ahead,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,000 points and resistance at 23,350 points. The Bank Nifty index would have a daily range of 48,200 to 49,400.
Buy or sell stocks by Vaishali Parekh
1. Infosys Ltd. (INFY): Buy at ₹1,856; Target at ₹1,890; Stop Loss at ₹1,830.
2. Wipro Ltd. (WIPRO): Buy at ₹309; Target at ₹330; Stop Loss at ₹298.
3. Kotak Mahindra Bank Ltd. (KOTAKBANK): Buy at ₹1,909; Target at ₹1,940; Stop Loss at ₹1,880.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
