Buy or sell after exit poll: Vaishali Parekh recommends three stocks to buy today — June 3

Buy or sell stocks for today: After the end of Lok Sabha Election 2024 on Saturday last week, and the majority of the Exit Polls predicting the third term for the Narendra Modi government in New Delhi, the Indian stock market is expected to remain volatile on the penultimate day of the Lok Sabha Election results date. On Friday last week, frontline indices of the Indian stock market ended marginally higher after erasing most of its early morning losses. The Nifty 50 index finished 42 points higher at the 22,530 mark, while the BSE Sensex ended 75 points northward at 73,961. The Bank Nifty index gained 301 points and closed at 48,983. Cash market volumes on the NSE touched a record high of ₹2.29 lakh crore – aided by trades for MSCI and FTSE rebalancing. The small-cap index rose 0.76 percent even as the advance-decline ratio improved to 0.81:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, a respected figure in the financial industry and Vice President — Technical Research at Prabhudas Lilladher, shares her insights on the current state of the Nifty 50 index. She believes that the index has topped out at the 23,100 level and is precariously placed before the Lok Sabha Election results date, which is scheduled on 4th June 2024. According to Parekh, a decisive breach by the Nifty 50 index above the 22,800 level would improve the Indian stock market bias. She also provides a daily range for the Bank Nifty today, which is expected to be between 48,500 to 49,600.

Also Read: Trade setup for stock market today: Five stocks to buy or sell after exit poll

Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today: NMDC, Castrol India, and GAIL (India).

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index, after making a higher top formation at 23,100 zones on the daily chart, has witnessed some correction to slip towards the significant 50EMA zone of 22,400 level and currently is precariously placed before the election outcome event. A decisive breach above the 22,800 zone shall improve the bias to some extent and thereafter, can anticipate a further rise while a breach below the 22150 zone shall weaken the trend overall."

"The Bank Nifty index would have the important support zone near 47,400 levels while a clear breakout above the 49,600 zone would trigger a fresh upward move for the next higher targets of 51,600 and 53,500 levels in the coming days. The support for the day would be at 22,400 levels while the resistance would be at 22,800 levels," said Parekh.

Stocks to buy today

1] NMDC: Buy at ₹260, target ₹274, stop loss ₹245;

2] Castrol India: Buy at ₹1985, target ₹207, stop loss ₹191; and

3] GAIL (India): Buy at ₹204.30, target ₹217, stop loss ₹199.

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.