Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — January 4

Market


Buy or sell stocks for today: On growing optimism that China’s Covid infection might have peaked and US Fed may raise interest rate at a slower pace in 2023, Dalal Street extended its Monday gains and ended higher on Tuesday session. Nifty 50 index surged 35 points and finished at 18,232, BSE Sensex gained 126 points and closed at 61,294 whereas Nifty Bank index went up 222 points and closed at 43,425 levels.

Day trading guide for stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that key benchmark indices are slowly but steadily picking up. Prabhudas Lilladher went on to add that overall bias and market sentiment is improving and expecting stock market rally to further continue. Asked about stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended two intraday stocks for today and those two shares are Indian Hotels and Axis Bank.

On intraday trading strategy for Wednesday session, Vaishali Parekh said, “Nifty witnessed a slightly volatile session resisting near the 18,250 zone and maintaining the support near 18150 levels during the intraday session closing near the 18250 zone on a positive note with sentiment improving.”

Banking stocks in focus

“Bank Nifty also gradually picking up and closed above the 43,400 zone to improve the trend with shares of IndusInd Bank, ICICI Bank, Kotak Bank and HDFC Bank are well placed and can anticipate for upward move from here on,” said Parekh.

Vaishali Parekh of Prabhudas Lilladher went on to add that key benchmark indices are slowly but steadily picking up, which is significant with overall bias and sentiment improvement and further rise is anticipated in the coming days.

“Immediate support for Nifty 50 index is placed at 18,100 levels while the resistance for 50-stock index is visible at 18,400 levels on chart pattern. Bank Nifty would have the daily range of 43,000 to 44,000 levels,” Parekh said.

Stocks to buy today

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

1] Indian Hotels: Buy at 320, target 335, stop loss 315; and

2] Axis Bank: Buy at 962, target 980, stop loss 948.

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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