Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 23
Buy or sell stocks for today: After showing a reasonable upside bounce from the lows in the last two straight sessions, the Indian stock market shifted into a consolidation on the special trading session of Saturday. Nifty 50 index ended 49 points lower at 21,571 level, and the BSE Sensex shed 77 points and closed at 71,423 mark. However, the Bank Nifty index gained 316 points and closed at 46,058 level.
Intraday trading tips for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has witnessed a decent pull-back from its recent lows around the 21,300 mark the 50-stock index is facing a hurdle around the 21,720 zone. However, the Prabhudas Lilladher expert maintained that the Indian stock market may become bullish once the Nifty 50 index breaches the 21,800 mark decisively.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Kiri Industries, Meghmani Organics, and Torrent Pharmaceuticals.
On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty, as mentioned earlier, witnessed a decent pullback from the low made near 21,300 zones and resisted near the 21,720 levels to witness some profit booking and slipping to some extent to end near the 21,570 levels. The near-term support of 21300 shall be maintained intact and with the overall bias still maintained positive, the index would need a decisive breach above 21,800 levels to further strengthen the trend and expect further rise.”
“Bank Nifty witnessed some gains on the back of positive moves from Kotak Bank and ICICI Bank to end above the 46,000 zone and would need a decisive breach above the significant 50EMA level of 46,600 zone to further improve the bias. On the downside, the zone near the 100 period MA of 45,300 levels shall remain the important support zone as of now,” said Parekh.
Parekh went on to add that the immediate support for the Nifty today is placed at the 21,450 level while the resistance is seen at the 21,700 mark. Bank Nifty would have a daily range of 45,700 to 46,500 levels.
1] Kiri Industries: Buy at ₹403, target ₹420, stop loss ₹396;
2] Meghmani Organics: Buy at ₹85.65, target ₹90, stop loss ₹83.50; and
3] Torrent Pharma: Buy at ₹2531.85, target ₹2640, stop loss ₹2490.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 23 Jan 2024, 07:26 AM IST
