Markets
Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 9
Summary
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Marico, Tata Technologies, and La Opala.
Buy or sell stocks today: Indian stock market indices Sensex and Nifty 50 closed lower in Friday's trading session as investors remained cautious ahead of the US jobs report that may determine the size and speed of the US Federal Reserve's (FED) decision of a rate cut. The Nifty 50 index closed 1.17 per cent lower at 24,852.15 points on Friday, compared to 25,145.10 points in the previous market close.
The BSE Sensex closed 1.24 per cent lower at 81,183.93 points on Friday, compared to 82,201.16 points in 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 has been resisting near the 25,300 zone and finally, with a bearish candle formation, gave in with heavy profit booking witnessed to end below the crucial support of 24,900 zone with bias and sentiment precariously placed. Parekh estimates the Nifty 50 Spot index to get support at 24,700 points and face resistance at 25,000 points. The Bank Nifty index will likely move in a range of 50,200 to 51,000 today.
For today, Parekh recommended three buy-or-sell stocks: Marico Ltd, Tata Technologies Ltd, and La Opala Rg Ltd.
Stock market today
For the outlook on the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been resisting near the 25,300 zone and finally, with a bearish candle formation, gave in with heavy profit booking witnessed to end below the crucial support of 24,900 zone with bias and sentiment precariously placed."
“The index would have the important near-term support zone of 24,800 level below which there can be intensified selling pressure with next major support lying near 24,500 zone," said the stock market expert.
“Bank Nifty after resisting near the 51,600 zone, has indicated a big bearish candle breaching below the 50EMA zone of 50,900 level weakening the trend and has further major support zone of 49,600 levels of the previous low made. The index already has been underperforming and further ahead would need to sustain the 49,600 zone to maintain the overall trend intact," said Parekh.
Parekh said that the Nifty 50 for today has support at 24,700, while the resistance lies at 25,000. The Bank Nifty index would have a daily range of 50,200 to 51,000.
Buy or sell stocks by Vaishali Parekh
1. Marico Ltd. (MARICO): Buy at ₹665; Target at ₹690; Stop Loss at ₹652.
2. Tata Technologies Ltd. (TATATECH): Buy at ₹1,112; Target at ₹1,150; Stop Loss at ₹1,090.
3. La Opala Rg Ltd. (LAOPALA): Buy at ₹340; Target at ₹355; Stop Loss at ₹332.
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.
