Buy or sell: Vaishali Parekh recommends three stocks for today — October 7

Buy or sell stocks: India's benchmark stock market indices, Sensex and Nifty 50, fell for the fifth successive session on Friday, extending their losses in exceptionally volatile trade amid rising geopolitical tensions in the Middle East. The Nifty 50 index closed 0.93 per cent lower at 25,014.60 points on Friday, compared to 25,250.10 points at the previous market close.

The BSE Sensex closed 0.98 per cent at 81,688.45 points after Friday's trading session, compared to 82,497.10 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 its biggest fall for 2024, dropping nearly 1,200 points with a bearish candle turning the bias weak with the market sentiment maintained at a very cautious approach. Parekh estimates the Nifty 50 Spot index to find support at 24,800 points and face resistance at 25,250 points. The Bank Nifty index will likely move in a range of 51,000 to 52,000 today.

For today, Parekh recommended three buy-or-sell stocks: Exide Industries Ltd, Mahindra and Mahindra Ltd, and ICICI Securities Ltd.

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty registered the biggest weekly fall for the year 2024 plunging almost 1,200 points with a big bearish candle turning the bias very weak and with the sentiment maintained with a very cautious approach.”

“The index is precariously placed with next major support zone visible near the 100 period MA at 24,300 level and thereafter, the crucial and important 200 period MA at 23,200 level,” said the stock market expert.

“Bank Nifty witnessing heavy profit booking has breached below the significant 50EMA level of 51,900 with bias turned weak and has the next major support zone near 49,700 level and thereafter, the important 200 period MA at 49,200 zone. One can maintain a cautious view and wait for further conviction and clarity in the market in the coming days,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,800 points, while the resistance lies at 25,250 points. The Bank Nifty index would have a daily range of 51,000 to 52,000. 

Buy or sell stocks by Vaishali Parekh 

1. Exide Industries Ltd. (EXIDEIND): Buy at ₹503; Target at ₹520; Stop Loss at ₹485. 

2. Mahindra and Mahindra Ltd. (M&M): Sell at ₹3,020; Target at ₹2,945; Stop Loss at ₹3,090. 

3. ICICI Securities Ltd. (ISEC): Buy at ₹877; Target at ₹920; Stop Loss at ₹860. 

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.