Buy or sell: Vaishali Parekh recommends three stocks to buy today — Nov 5

Buy or sell stocks: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed a broad sell-off on Monday, dragging them down more than 1 per cent. The Nifty 50 index closed 1.27 per cent lower on November 4 at 23,995.35 points, compared to 24,304.35 points at the previous market close.

The BSE Sensex closed 1.18 per cent lower at 78,782.24 points after Monday's trading session, compared to 79,724.12 points at the previous market close. 

Vaishali Parekh's stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said that the Nifty witnessed heavy profit booking after facing resistance near the 24,500 zone and slipping below the 24,000 level to form a bearish candle. This turns the sentiment cautious. Parekh estimates the Nifty 50 Spot index to find support at 23,800 points and face resistance at 24,200 points. The Bank Nifty index will likely move in a range of 50,500 to 52,000 today.

For today, Parekh recommended three buy-or-sell stocks: Dredging Corporation of India Ltd, Infosys Ltd, and Hindustan Zinc Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed heavy profit booking after resisting near 24,500 levels and slipping down below 24,000 levels significantly to form a bearish candle pattern on the daily chart to turn the sentiment a little bit cautious.”

“The index would have the near-term support at the 200 DMA level of 23,500, below which the bias would turn weak and can expect further slide, and with the US election outcome event nearing, high volatility and fluctuations are expected in the coming days,” said the stock market expert.

“Bank Nifty has been moving within a narrow range between 52,000 and 51,000 levels for quite some time; a decisive breach on either side would decide the further direction of the trend. The index would have the next major support near 50,400, while on the upside it has higher targets of 52,000 and 52,800 levels,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,800 points, while the resistance lies at 24,200 points. The Bank Nifty index would have a daily range of 50,500 to 52,000. 

Buy or sell stocks by Vaishali Parekh 

1. Dredging Corporation of India Ltd. (DREDGECORP): Buy at ₹1,022; Target at ₹1,050; Stop Loss at ₹1,000. 

2. Infosys Ltd. (INFY): Buy at ₹1,765; Target at ₹1,800; Stop Loss at ₹1,745. 

3. Hindustan Zinc Ltd. (HINDZINC): Buy at ₹544; Target at ₹575; Stop Loss at ₹520. 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.