Buy or sell stocks: The Indian stock markets dropped and closed in the red after witnessing selling pressure for the fourth consecutive session on Monday, February 10. The Nifty 50 index closed 0.76 per cent lower at 23,381.60 points, compared to 23,559.95 points at the previous stock market close.
The BSE Sensex index closed 0.70 per cent lower at 77,311.80 points, compared to 77,860.19 points in the previous market session.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index continued its dip on Monday as the bias and sentiment of the index was maintained. The investors are recommended to maintain a very cautious approach with a near-term support at 23,250 level. Parekh estimates the Nifty 50 Spot index to find support at 23,200 points and face resistance at 23,600 points. The Bank Nifty index will likely move in the 49,500 to 50,500 range.
Vaishali Parekh recommended three buy-or-sell stocks for Tuesday: Transformer and Rectifier India Ltd, Kotak Mahindra Bank Ltd, and One 97 Communications Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty continue to slip down after making the lower-top formation on the daily chart. The bias and sentiment was maintained with a very cautious approach. It has near-term support at 23,250 level, while the crucial and important support is positioned at 23,000 zone, which needs to be sustained.”
“On the upside, as mentioned earlier, the index needs to breach above the 23,800 zone decisively to establish conviction and thereafter, to trigger a fresh upward move. Expect targets of 24,100 and 24,600 levels,” said the stock market expert.
“Bank Nifty slipped below the important 50EMA zone of 50,200 level to slightly weaken the bias. A lower-top formation has been indicated on the daily chart with the sentiment maintained cautiously. It has the near-term support of 48,800 levels. The 50,600 zone has been acting as the tough barrier on the upside, which needs to be breached decisively. The important 200 period SMA lies near 50,900 levels and only a decisive breach above shall bring conviction and confirm a fresh upward move in the coming days,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,200 points and resistance at 23,600 points. The Bank Nifty index would have a daily range of 49,500 to 50,500.
Buy or sell stocks by Vaishali Parekh
1. Transformer and Rectifier India Ltd. (TARIL): Buy at ₹915; Target at ₹1,000; Stop Loss at ₹870.
2. Kotak Mahindra Bank Ltd. (KOTAKBANK): Buy at ₹1,960; Target at ₹2,000; Stop Loss at 1,940.
3. One 97 Communications Ltd. (PAYTM): Buy at ₹775; Target at ₹740; Stop Loss at ₹790.
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 making any investment decisions.
