Buy or sell: Vaishali Parekh recommends three stocks to buy or sell today — Oct 22

Buy or sell stocks: After opening higher in the early morning session, the Indian stock market ended lower as investors reacted to more Q2 results 2024. The Nifty 50 index ended 73 points lower at 24,781, the BSE Sensex shed 73 points and closed at 81,151, whereas the Nifty Bank index finished 131 points southward at 51,962. Cash market volumes on the NSE were down 1.65% compared to the previous session. The broad market indices fell more than the Nifty 50 index even as the advance-decline ratio fell to 0.29:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Nifty 50 index is facing tough resistance at the 25,000 mark, whereas it has made a strong base at 24,700. Breaching below this support would mean more selling pressure in the Indian stock market, whereas a fresh bull trend on Dalal Street can be expected only after the 50-stock index breaks above 25,200.

Regarding stocks to buy today, Vaishali Parekh recommended these three buy or sell stocks: Kotak Mahindra Bank, Mahindra & Mahindra, and DLF.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index has been finding tough resistance near the important 50-EMA zone of 25,000 levels witnessing heavy profit booking and has the crucial support zone near 24,700 levels below which the trend would turn very weak and can expect for further intensified selling pressure. On the upside, the index must decisively breach above the 25,200 zone to improve the bias and expect further rise in the coming days."

"The Bank Nifty index has managed to maintain above the significant 50-EMA zone of 51,800 levels but with the overall bias maintained with a very cautious approach. On the downside, the important and crucial support would be near the 51,000 level, which needs to be sustained to maintain the overall trend intact," said Parekh.

Parekh added that Nifty's immediate support today is at 24,700, while resistance is at 24,900. The Bank Nifty will have a daily range of 51,500 to 52,400.

Buy or sell stocks buy Vaishali Parekh

1] Kotak Mahindra Bank: Buy at ₹1,785, target ₹1,850, stop loss ₹1,730;

2] Mahindra & Mahindra: Buy at ₹2,998, target ₹3,100, stop loss ₹2,950; and

3] DLF: Sell at ₹859, target ₹830, stop loss ₹875.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.