Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 23

Stock market today: The Indian stock market bias has further improved after the pullback rally’s extensive session on Monday, believes Vaishali Parekh of Prabhudas Lilladher.

Buy or sell stocks: Following strong global market sentiments on ease in the geo-political tension, the Indian stock market finished higher for the second straight session on Monday. The Nifty 50 index gained 189 points and ended at the 22,336 level, the BSE Sensex surged 560 points and closed at the 73,648 mark whereas the Bank Nifty index closed 350 points northward at the 47,924 level. The cash market volumes on the NSE were lower at Rs.0.95 lakh crore. The broad market indices rose more than the Nifty 50 index even as the advance-decline ratio rose sharply to 2.8:1.

Vaishali Parekh’s stock recommendations

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Indian stock market bias has further improved after the pullback rally’s extensive session on Monday. The Prabhudas Lilladher expert expected this pullback rally to further continue provided there is no further escalation in the geo-political tension in the Middle East countries. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher suggested three buy or sell stocks — Tata Consumer Products, SBI, and Apollo Hospitals.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index has regained strength once again witnessing a decent pullback from the low made near 21,780 zones and currently moving past the 22,350 levels with sentiment much improved and further rise expected in the coming days provided no fresh unexpected geo-political tensions arises. The index would have the important near-term support at the 50EMA level of 22,120 zone which needs to be sustained.”

On the outlook for the Bank Nifty today, Parekh said, “The Bank Nifty index touched the 48,000 zone and with trend improving is expected to rise further having near-term targets of 48,700 and 49,400 levels in the coming days. The index needs to maintain above the significant 50EMA level of 47,200 for the bias to remain positive.”

Parekh went on to add that Nifty today has immediate support placed at 22,200 levels while the resistance would be seen at 22,500 levels. The Bank Nifty would have a daily range of 47,600 to 48,400 levels.

Vaishali Parekh’s stocks to buy today

1] Tata Consumer: Buy at ₹1171, target ₹1220, stop loss ₹1147;

2] SBI: Buy at ₹766, target ₹796, stop loss ₹750; and

3] Apollo Hospitals: Buy at ₹162, target ₹170, stop loss ₹158.

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.