Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7
Stock market today: Dalal Street bias may improve once the Nifty 50 index breaches the 22,600 mark, believes Vaishali Parekh of Prabhudas Lilladher.
Buy or sell stocks for today: Despite positive global market cues, the Indian stock market ended lower after a highly volatile session on Monday. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895. The Bank Nifty index went off 28 points and closed at 48,895. However, the broad market indices fell more than the frontline indices even as the advance-decline ratio fell sharply to 0.45:1.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, a seasoned Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market sentiments may remain cautiously optimistic till the India VIX settles down. The Prabhudas Lilladher expert added that Dalal Street bias may improve once the Nifty 50 index breaches the 22,600 mark. Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: NHPC, Jindal Street, and Hindustan Unilever.
Stock market today
On the outlook for the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index witnessed another volatile session swinging between 22,400 and 22,600 levels, with bias overall maintained cautiously positive and a need to watch and wait for India VIX to settle down. As said earlier, Nifty has the crucial support of 22300, while on the upper side, it needs to breach the decisively 22600 zone for the bias to turn positive and establish some conviction.”
“The Bank Nifty index has a crucial support zone of 20 DMA near 48400 levels, while 49500 levels on the upper side are the resistance barriers that must be crossed for a further upward move. As of now, the overall bias and sentiment would be maintained with a cautious approach, with volatility expected at regular intervals,” Parekh added.
Parekh added that immediate support for Sensex/Nifty today is placed at 73400/22300, while the resistance is at 74300/22600. The Bank Nifty would have a daily range of 48400–49400 levels.
Buy or sell stock ideas by Vaishali Parekh
1] NHPC: Buy at ₹101.75, target ₹115, stop loss ₹95;
2] Jindal Steel: Buy at ₹936, target ₹990, stop loss ₹905; and
3] Hindustan Unilever Ltd or HUL: Buy at ₹2256, target ₹2400, stop loss ₹2190.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.