Buy or sell: Vaishali Parekh of Prabhudas Lilladher’s 2 stock picks for today

Market


Indian shares closed at a near-two-week low on Monday, logging their third straight day of losses, dragged down by a rise in COVID-19 cases in China and the likelihood of a tighter US monetary policy. The Nifty IT and Nifty Realty indexes were top drags, while public sector bank, media, and consumer durables indexes gained. 

Among individual shares, ONGC fell over 4%, its steepest decline in four months, tracking a drop in crude prices for the second session in a row, surrendering year-to-date gains.

The rupee depreciated by 5 paise to close at 81.79 against the US dollar on Monday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities. Meanwhile, oil prices rose slightly in early trade on Tuesday, a day after Saudi Arabia denied report that it was discussing an increase in oil supply with OPEC and its allies.

Intraday trading strategy for today

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said “Nifty has witnessed a short slide from the 18,400 levels to 18,140 zone and ahead has got the important and crucial support of 18000 levels which if breached decisively can change the market bias to turn into cautious approach. The overall sentiment has been maintained with a cautiously positive approach till Nifty index is maintained above the 18,000 zone. The support for the day is seen at 18,000 while the resistance is seen at 18,300.”

On Nifty Bank, Parekh said “Bank Nifty also has been strangled between the 42,600 and 42,200 zone witnessing some consolidation has turned down the daily trend after 9 days and further would need a confirmation in the coming days for a clear directional move. Bank Nifty would have the daily range of 41,900-42,800 levels.”

Intraday stocks for today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Gujarat Narmada Valley Fertilizers & Chemicals (GNFC and Torrent Power.

GNFC: Buy GNFC, stop loss 567, target 600

Torrent Power: Buy TORRENT POWER, stop loss 517, target 544

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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