Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 2

Buy or sell stocks for today: Following positive global market sentiments, Indian stock market finished higher on all five sessions last week. Both Nifty and Bank Nifty index gave inverse shoulder breakout while extending their rally for the fifth straight sessions last week. However, on the weekend session, broad market indices outperformed key benchmark indices as small-cap index shot up 0.91 per cent whereas mid-cap index surged 1.32 per cent. 

On Friday session, NSE Nifty finished 149 points higher at 18,065 while 30-stock index Sensex went up 463 points and ended at 61,112 levels. Bank Nifty index finished 233 points northward at 43,233 mark. Advance decline ratio remained positive at 2.08:1.

Intraday trading tips by Vaishali Parekh

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty is in uptrend and next upside target expected on Nifty 50 index is 18,200. Prabhudas Lilladher went on to add that Nifty today is well supported by most of the frontline stocks like RIL, L&T, ICICI Bank, ITC, SBI, Bharti Airtel and many more which can help the index to surge further ahead. On day trading stocks for today, Vaishali Parekh recommended three stocks to buy today — Can Fin Homes, Pidilite Industries and Castrol India.

On outlook for Nifty today, Vaishali Parekh said, "Nifty surged ahead strongly to move past the 18000 zone with strong positive bias indicated and as said earlier, is expected to achieve the next near-term target of around 18200 level with 17800 level now as the important crucial support zone. The index is well supported by most of the frontline stocks like RIL, L&T, ICICI Bank, ITC, SBI, Bharti Airtel and many more which can help the index to surge further ahead in the coming days."

"Bank Nifty also move up as the important 43000 zone and most of the frontline banking stocks well placed, it is anticipated for further upward move. Technically, there is a hurdle near 43400 zone which if crossed decisively can further trigger the momentum ahead," Parekh said adding, "The support for the day is seen at 17900 levels while the resistance is seen at 18200 levels. Bank Nifty would have the daily range of 42800-43700 levels."

Day trading stocks to buy today

As mentioned above, Vaishali Parekh has recommended three stocks to buy today, here we list out full details in regard to those intraday stocks:

1] Can Fin Homes: Buy at ₹616, target ₹640, stop loss ₹605;

2] Pidilite Industries: Buy at ₹2419, target ₹2500, stop loss ₹2380; and

3] Castrol India: Buy at ₹119, target ₹124, stop loss ₹117.

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.