Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 31

Buy or sell stocks for today: Despite buying in banking stocks, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index lost 216 points and closed at 22,488, while the BSE Sensex shed 617 points and ended at 73,885. However, the Bank Nifty index gained 181 points and closed at 48,682. In the broad market, the mid-cap index crashed 1.21 percent, whereas the small-cap index nosedived 1.33 percent.

Vaishali Parekh's stocks to buy today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index is precariously placed with the significant 50EMA zone lying near 22,380 levels. The Prabhudas Lilladher expert said the 50-stock index needs a decisive move past the 22,700 zone for the bias to improve. She noted that high volatility and fluctuations are expected in the coming days ahead of the Lok Sabha Election results.

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

On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks for today — JSW Energy, BF Utilities, and Sona Blw Precision Forgings or SONACOMS.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, "The Nifty 50 index has witnessed a steady slide for the fifth consecutive session, with bias weakening. The index is currently precariously placed, with the significant 50EMA zone lying near 22,380 levels. The index needs a decisive move past the 22,700 zone for the bias to improve, and with the election outcome event nearing, high volatility and fluctuations are expected in the coming days."

"The Bank Nifty index is better placed as compared to the Nifty index and has maintained above the important 50EMA level of the 48,000 zone as of now. A decisive breach above 49,000 levels is necessary to improve the bias while 47,200 levels would be a crucial and important support zone for the index," said Parekh.

Parekh went on to add that today, the Nifty has immediate support at 22,350 levels while resistance is seen at 22,650 levels. The Bank Nifty would have a daily range of 48,300 to 49,200 levels.

Buy or sell stocks by Vaishali Parekh

1] JSW Energy: Buy at ₹609, target ₹637, stop loss ₹597;

2] BF Utilities: Buy at ₹941, target ₹982, stop loss ₹920; and

3] SONACOMS: Buy at ₹638, target ₹668, stop loss ₹625.

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