Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 27

Buy or sell stocks for today: Indian stock maket fell for the sixth consecutive session on Thursday even as a series of poor corporate results in the US cast a shadow on the global risk appetite already impacted by the conflict in the Middle East. Nifty 50 index lost 264 points and ended at 18,857 levels, BSE Sensex dipped 900 points and closed at 63,148 mark while Bank Nifty index corrected 551 points and finished at 42,280 levels. 

Volumes on the NSE expanded, suggesting the amount of selling pressure matched by bottom fishing by bulls. Broad market indices fell less than the Nifty even as the advance decline ratio improved to 0.75:1.

Intraday trading tips for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty today has immediate support placed at 18,700 levels. Prabhudas Lilladher expert said that market mood is cautiously bearish as crucial support for Nifty 50 index has now shifted down towards 18,200 zone. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Maharashtra Seamless, Religare Enterprises and Trent.

On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty has indicated “Three Black Crows” on the daily chart extending the slide further to touch the 18,850 zone achieving the initial downside target as mentioned earlier, with sentiment and bias maintained cautiously. The index would have the crucial support maintained near 18,600 levels of the important 200 period MA below which the matter can turn worse with 18,200 level as the next major base zone."

"Bank Nifty after breaching below the 200 period MA made another weak candle to touch the 42,100 zone with heavy profit booking seen with most of the frontline banking stocks stepping into their weak trend. We have the next support zone visible near 41,500 levels below which the matter can turn worse," said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at 18,700 levels while the resistance is seen at 19,000 levels. Bank Nifty would have the daily range of 41,800 to 42,700 levels.

Stocks to buy today

1] Maharashtra Seamless: Buy at ₹681.90, target ₹740, stop loss ₹640;

2] Religare Enterprises: Buy at ₹228.85, target ₹240, stop loss ₹224; and

3] Trent: Buy at ₹2031, target ₹2100, stop loss ₹1980.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.