Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 19

Market


Buy or sell stocks for today: On account of dovish Bank of Japan, Asian stocks including Dalal Street registered strong gains on Wednesday. 50-stock index Nifty gained 112 points and closed at 18,165, 30-stock index Sensex shot up 390 points and closed at 61,045 while Bank Nifty index went up 222 points and finished at 42,458 levels. Metal stocks continue to surge on reopening in China.

Intraday trading strategies for stock market today

Unveiling day trading guide for Thursday session, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that Nifty on Wednesday closed above 50 days exponential moving average (DEMA), which has further improved the market bias. Prabhudas Lilladher expert went on to add that if the 50-stock index beaches 18,250 levels, then it would further confirm about further strong upside move on Dalal Street. On stocks to buy today, Vaishali Parekh recommended two intraday trading stocks for today and those two day trading stocks are Hindalco Industries and Pidilite Industries.

“Nifty extended the gains further moving past the significant 50EMA level of 18,100 and has improved the bias with frontline stocks beginning to show some positive move and further ahead a decisive breach above 18,250 zone is very important to establish a confirmation for continuation of the upward move with conviction,” Parekh said.

Prabhudas Lilladher expert went on to add that Bank Nifty witnessed some rangebound movement during the intraday session and gradually is moving ahead to close on a positive note. But further the index need to breach the important zone of 42,700 to 42,800 levels for confirming a breakout and can anticipate for fresh upward move in the coming sessions.

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“The past two sessions has indicated some prominent positive gains in the indices and sentiment has obviously improved to anticipate for further upward move. The support for the day is seen at 18,050 while the resistance is seen at 18,300. Bank Nifty would have the daily range of 42,000 to 42,900 levels,” said Vaishali Parekh of Prabhudas Lilladher.

Day trading stocks for today

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

1] Hindalco Industries: Buy at 502, target 522, stop loss 494; and

2] Pidilite Industries: Buy at 2488, target 2560, stop loss 2450.

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. The promoters of HT Media Ltd, which publishes Mint, and Hindalco Industries are closely related. There are, however, no promoter cross-holdings.


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