Buy or sell stocks for today: After a day’s relief in Friday’s session, the game of bulls continues in the Indian stock market on Monday as well. NSE Nifty lost 207 points to close at 16,887 while BSE Sensex lost 638 points to close at 56,788 level. Bank Nifty index lost 602 points to end at 38,029. Among the sectors, only healthcare and telecom benefited while power, auto and FMCG declined the most. However, the small-cap index outperformed the major indices as it fell only 0.54 per cent. The advance fall ration ended in negative territory at 0.53:1 after Monday’s session closed.
Vaishali Parekh’s recommendations
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that Nifty is unable to sustain the level of 17,000 and has once again slipped below the level of 16,900. Bank Nifty also slipped below 38,800 level after profit-booking. Vaishali Parekh of Prabhudas Lilladher recommends a stock specific approach till further clarity appears on the chart pattern. Vaishali Parekh recommended two stocks to buy today and those two stocks are IPCA Laboratories and Can Fin Homes.
trade setup for tuesday
Unveiling the day trading strategies for the stock market today, Vaishali Parekh said, “Nifty could not sustain above 17,000 level in view of heavy profit booking and once again slipped below 16,900 zone due to negative cues from the financial institution. This led to a cautious and vulnerable feeling. This time.”
Prabhudas Lilladher’s Vaishali Parekh further said that Bank Nifty also slipped from the 38,800 level and almost every banking stock saw profit-booking and closed near the 38,000 landmark with bias weakening. For Nifty index, 16,700 to 16,750 zone will be crucial, which will further weaken bias as new downside targets open. With the overall outlook being cautious as of now, one needs to go for the select stocks till further clarifications and confirmation of the trend. Support for the day is seen at 16,750 while resistance is seen at 17,000. The weekly range of Bank Nifty will be at the level of 37,400 to 38,500.
buy or sell stock for today
As mentioned above, Vaishali Parekh has two recommended stocks to buy today. Here we list the full details:
1]IPCA Laboratories: BUY HERE 934, Target 970, stop loss 915; And
2]Buy at: Can Fin Homes 480, target 505, stop loss 462.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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