Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 13

Market


Buy or sell stocks for today: Despite positive sentiments in global markets, Dalal Street ended lower on third straight session on Thursday. 50-stock index Nifty finished 37 points below at 17,858, 30-stock index BSE Sensex lost 147 points and closed at 59,585 while Bank Nifty index ended 150 points lower at 42,082 levels. In broad markets, Small-cap index slipped by whisker while Mid-cap index lost 0.24 per cent.

Day trading strategy for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall trend of the market is weak and it may weaken further if the current crucial support of 17,770 to 17,800 is broken. Prabhudas Lilladher went on to add that on breaching the crucial support, the 50-stock index may further go down to 17,250 levels. Asked about stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two shares are Cummins India and Larsen & Toubro.

On day trading strategy for Friday, Vaishali Parekh said, “Nifty gradually witnessed the slowdown and slide moving below the 18,000 zone during the intraday session to suggest weakness and sluggishness overall with no major improvement witnessed. Nifty, as said earlier, has got the major crucial support zone of 17,770 to 17,800 levels and a close below this zone would further weaken the bias and trend considerably with next crucial support visible near the 200DMA level of 17,250 zone.”

Prabhudas Lilladher expert went on to add that Bank Nifty also has been hovering near the 42,000 zone and as said earlier, a decisive breach below 41,700 levels would weaken the bias and can witness fresh sell off among the frontline banking stocks.

“The support for Nifty is seen at 17,700 while the resistance is seen at 18,000 levels. Bank Nifty would have the daily range of 41,600 to 42,500 levels,” said Parekh.

Stocks to buy today

As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those two day trading stocks:

1] Cummins India: Buy at 1480, target 1520, stop loss 1460; and

2] Larsen & Toubro or LT: Buy at 2159, target 2215, stop loss 2125.

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 taking any investment decisions.


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