Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — March 17

Buy or sell stock for today: After hitting intraday low within an hour of opening session on Thursday, Indian stock market bounced back strongly and snapped five days losing spree. NSE Nifty ended 13 points higher at 16,985 levels whereas BSE Sensex gained 78 points and closed at 57,634 mark. Nifty Bank index surged 81 points and closed at 39,132 levels. In broad market, small-cap index lost 0.69 per cent while mid-cap index went off 0.05 per cent. Advance decline ratio ended at 0.69:1.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index would have the important and crucial support zone of 16,750 to 16,800 levels, which need to be maintained. Prabhudas Lilladher expert maintained that breaching of this support may further intensify selling and worsen the market sentiments. Asked about stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are TVS Motor, Pidilite Industries and Dishman Carbogen Amcis Ltd or DCAL.

Speaking on outlook fro Nifty today, Vaishali Parekh said, "Nifty opened on a flat note and amid some volatility took support near the 16,850 zone during the intraday session and closed on a flat note near 17,000 zone. As said earlier, Nifty index would have the important and crucial support zone of 16,750-16,800 levels, which need to be maintained else can further worsen the overall trend with intensified selling pressure anticipated."

Parekh went on to add that Bank Nifty also witnessed further slide taking support near 38,600 zone and with some volatile session managed to close in the green at around 39,100 zone. The index has got the near-term support near 38,500 and thereafter 38,000 zone which are important likely levels where the index should get some respect and reversal can be anticipated.

"The support for Nifty today is seen at 16,800 levels while the resistance is seen at 17,100 levels. Bank Nifty would have the daily range of 38,700 to 39,600 levels," Parekh said.

Stocks to buy today

As told above, Vaishali Parekh has recommended three intraday stocks for today and those three day trading stocks are TVS Motor, Pidilite Industries and DCAL. Here we list out full details in regard to these three shares:

1] TVS Motor: Buy at ₹1053, target ₹1077, stop loss ₹1040;

2] Pidilite Industries: Buy at ₹2341, target ₹2400, stop loss ₹2315; and

3] DCAL: Buy at ₹130, target ₹137, stop loss ₹127.

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.