Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 8

Buy or sell stocks: India's benchmark stock market indices, Sensex and Nifty 50, plunged amid a broad-based selloff. The indices closed lower for the sixth successive day, largely fueled by significant selloffs from foreign portfolio investors (FPIs). The Nifty 50 index closed 0.87 per cent lower at 24,795.75 points after Monday's trading session, compared to 25,014.60 points at the previous market close.

The BSE Sensex index closed 0.78 per cent lower at 81,050 points after Monday's market hours, compared to 81,688.45 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 lost nearly 1,500 points from the peak zone of 26,277 level and has slipped below the important zone of 25,000, weakening the bias and expecting a further slide. Parekh estimates the Nifty 50 Spot index to find support at 24,600 points and face resistance at 25,000 points. The Bank Nifty index will likely move in a range of 49,800 to 51,000 today.

For today, Parekh recommended three buy-or-sell stocks: LTIMindtree Ltd, Pricol Ltd, and Ambuja Cements Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has lost almost 1,500 points from the peak zone of 26,277 level and has slipped below the important 50EMA zone of 25,000 levels to weaken the bias expecting for further slide.”

“With the geo-political tensions hovering around, the index is precariously placed with next important support level visible near the 100 period MA at 24,300 level and further, has the major support positioned near the crucial 200 period MA at 23,200 levels,” said the stock market expert.

“Bank Nifty also has lost 4,000 points from the peak zone and has moved below the important averages of 50EMA and 100 period MA with bias maintained weak. The index would have the next major and important support zone of the 200 period MA at 49,200 level which needs to be sustained to maintain the long-term trend intact,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,600 points, while the resistance lies at 25,000 points. The Bank Nifty index would have a daily range of 49,800 to 51,000.

Buy or sell stocks by Vaishali Parekh 

1. LTIMindtree Ltd. (LTIM): Buy at ₹6,250; Target at ₹6,400; Stop Loss at ₹6,150. 

2. Pricol Ltd. (PRICOLLTD): Buy at ₹465; Target at ₹485; Stop Loss at ₹455. 

3. Ambuja Cements Ltd. (AMBUJACEM): Buy at ₹587; Target at ₹610; Stop Loss at ₹575. 

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.