Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 17

Buy or sell stocks: Following strong global cues after the US stock market's rally, the Indian stock market ended higher on Thursday. The Nifty 50 index shot up 203 points and closed at 22,403, while the BSE Sensex surged 676 points and finished at 73,663. The Bank Nifty index ended 289 points higher at 47,977. Cash market volumes on the NSE rose to ₹1.17 lakh crore—the highest since May 03. The small-cap index outperformed the frontline indices even as the advance-decline ratio remained positive at 1.32:1.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market mood has improved after the Nifty 50 index raced towards the 22,400 mark. The Prabhudas Lilladher expert said that the 50-stock index is now heading towards the 22,600 mark, and crucial support for Nifty today would be around 22,250. Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: Tata Consumer, JSW Steel, and HDFC Life Insurance.

Also Read: Trade setup for stock market today: Eight stocks to buy or sell on Friday

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index in the initial half, with wild fluctuations witnessed between 22,050 and 22,300 levels, raced towards the 22,400 zone in the final hours to end the session on a strong note, easing out the sentiment. We anticipate the index will carry on with the positive move towards the 22,600 zone, with support now maintained near 22,250 levels and the bias improving."

"The Bank Nifty index, amid huge swings, took support near the 47,350 zone and, in the end, closed on a positive note near the 48,000 zone, with bias turning positive. Further rise can be anticipated in the coming days," said Parekh.

Parekh added that Nifty today has immediate support placed at 22,250 while the resistance is seen at 22,600. The Bank Nifty would have a daily range of 47,500 to 48,500.

Stocks to buy today

1] Tata Consumer: Buy at ₹1100, target ₹1145, stop loss ₹1075;

2] JSW Steel: Buy at ₹886.40, target ₹920, stop loss ₹868; and

3] HDFC Life Insurance: Buy at ₹567, target ₹590, stop loss ₹556.

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 making any investment decisions.