Buy or sell: Vaishali Parekh recommends three stocks to buy today — Sept 16
Source: Live Mint
Buy or sell stocks: After witnessing a massive upside move on Thursday, the Indian stock market consolidated on Friday and closed lower. However, banking stocks witnessed a decent demand throughout the session. Among the frontline indices, the Nifty 50 index lost 32 points and closed at the 25,356 mark, the BSE Sensex went off 71 points and closed at 82,890, whereas the Bank Nifty index added 165 points and finished at 51,938. In the broad market, the Small-cap index outshined the frontline indices after finishing higher by 0.95 per cent. The Mid-cap index ended 0.48 per cent higher.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the overall Indian stock market bias is positive and the Nifty 50 index may touch 25,900 and 26,300 soon. The Prabhudas Lilladher expert said that 25,200 is immediate crucial support for the 50-stock index. Bagadia added that today’s Bank Nifty may trade in the 51,500 to 52,500 range.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three shares: Apollo Tyres, Confidence Petroleum India, and IIFL Finance.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index has indicated a strong positive move during the week with a higher low formation pattern on the daily chart. With the bias and sentiment maintained positive, it is anticipated to carry on with the positive move for the next targets of 25,900 and 26,300 in the coming days. The zone near 25,200 would be considered the immediate crucial support, which must be sustained.”
“The Bank Nifty recovered significantly from the 50,350 zone and has breached above the previous peak zone of 51,750 to improve the bias and anticipate further rise in the coming days, with the next targets of 53,500 and 55,100 levels expected. The zone near the important 50-EMA level of 51,000 would remain the immediate support for the index and need to sustain above it,” Parekh added.
Parekh added that Nifty’s immediate support today is at 25,200, while the resistance is at 25,500. The Bank Nifty would have a daily range of 51500-52500.
Buy or sell stocks by Vaishali Parekh
1] Apollo Tyres: Buy at ₹526, target 555, stop loss ₹516;
2] Confidence Petroleum India: Buy at ₹90.30, target ₹96, stop loss ₹87; and
3] IIFL Finance: Buy at ₹522, target ₹550, stop loss ₹510.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
