Markets
Buy or sell: Vaishali Parekh recommends three stocks to buy today — 5 September
Summary
- Regarding stocks to buy today, Vaishali Parekh has recommended three buy-or-sell stocks: Bharat Forge, Ambuja Cements, and Apollo Tyres
Buy or sell stocks for today: The Indian stock market's benchmark indices, the Sensex and Nifty50, closed in the red on Wednesday, 4 September, amid profit booking in heavyweight stocks such as ICICI Bank, Infosys, and Larsen & Toubro (L&T), alongside weak global cues.
The Sensex had opened with a steep decline of 710 points at 81,845.50 and remained in negative territory through the session, touching an intra-day low of 81,833.69. Similarly, the Nifty50 had started the day at 25,089.95, lower than its previous close of 25,279.85, and hit an intra-day low of 25,083.80.
Vaishali Parekh's stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, noted that Nifty faced resistance around the 25,300 level after a steady rise, leading to a decline driven by profit booking, which has reversed the daily trend following 13 consecutive sessions of gains.
Parekh also observed that BankNifty has been relatively sluggish, displaying narrow, range-bound movement, and has slipped from the 51,750 level due to profit booking. She added that near-term support remains around the crucial 50EMA level of 50,900.
Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Bharat Forge, Ambuja Cements, and Apollo Tyres.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty has found resistance near the 25300 zone after the gradual rise witnessed and thereafter, has slipped down with profit booking witnessed to turn the daily trend down after 13 days of consecutive uptrend. As mentioned earlier, the index would have the crucial near-term support of 25,000 levels, which needs to be sustained to maintain the overall sentiment and bias intact."
On the Bank Nifty outlook, she said, “BankNifty has been overall sluggish with narrow rangebound movement witnessed and has slipped down from the 51,750 zone with profit booking seen with near-term support maintained near the important 50EMA zone of 50,900 levels. BankNifty would have the daily range of 51,000-51,800 levels."
Buy or sell stocks buy Vaishali Parekh
- Bharat Forge: Buy at ₹1,605; Target at ₹1,660; Stop Loss at ₹1,570.
- Ambuja Cements: Buy at ₹627; Target at ₹645; Stop Loss at ₹618.
- Apollo Tyres: Buy at ₹509; Target at ₹530; Stop Loss at ₹495.
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.
