Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 4, 2025 | Stock Market News
Source: Live Mint
Buy or sell stocks: The Indian stock markets closed in the red on Monday on concerns of weak capex announcements in the Union Budget and the US President’s tariff announcements on trading partners. The Nifty 50 closed 0.52% lower at 23,361.05 points, compared to 23,482.15 points at the previous market close.
The BSE Sensex closed 0.41% lower at 77,186.74 points after Monday’s market session, compared to 77,505.96 points at the previous stock market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index remained subdued, maintaining the support level of 23,200 zone. The index has the potential for further growth in the coming days. Parekh estimates the Nifty 50 Spot index to find support at 23,200 points and face resistance at 23,600 points. The Bank Nifty index will likely move in the 48,800 to 49,800 range.
Parekh recommended three buy-or-sell stocks for Tuesday: JSW Steel Ltd, L&T Technology Services Ltd, and ABB India Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “ After opening gap down, the Nifty remained subdued, maintaining support near 23,200 zone. With a gradual rise witnessed, it has scope for further upward move in the coming days.”
“The 23,500-23,600 zone would be the crucial hurdle band, which needs to be breached decisively to anticipate further fresh upward move, with the 23,000 level maintained as the strong and important support as of now,” said the stock market expert.
“In a similar pattern, Bank Nifty has been finding the 49,800-50,000 zone as the strong resistance barrier. It would need a clear breakout above this band to establish conviction and to anticipate a further rise. On the downside, the 48,000 level would be the important zone, which needs to be sustained. Some of the frontline banking stocks like HDFC Bank, ICICI Bank and Axis Bank are well poised to anticipate further gains, as their bias improved technically,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,200 points and resistance at 23,600 points. The Bank Nifty index would have a daily range of 48,800 to 49,800.
Buy or sell stocks by Vaishali Parekh
1. JSW Steel Ltd. (JSWSTEEL): Buy at ₹935; Target at ₹960; Stop Loss at ₹920.
2. L&T Technology Services Ltd. (LTTS): Buy at ₹5,491; Target at ₹5,850; Stop Loss at ₹5,300.
3. ABB India Ltd. (ABB): Buy at ₹5,185; Target at ₹5,500; Stop Loss at ₹5,000.
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.
