Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Sept 22

Market


Buy or sell stocks for today: Indian stock market remained choppy for entire Wednesday session and ended lower as it failed to sustain at the higher levels. Nifty 50 index finished 97 points south at 17,718, BSE Sensex shed 262 points and closed at 59,456 whereas Nifty Bank index went off 264 points and ended at 41,203 mark. Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher believes that market remained subdued as US Fed meeting’s outcome was dominating the global equity markets including Dalal Street.

Vaishali Parekh’s recommendations

Vaishali Parekh of Prabhudas Lilladher advised traders to keep important levels in mind while taking any position and remained insulated from the volatility in the markets. The analyst went on to add that volatility in the market may continue even though US Fed has announced 75 bps interest rate hike. On buy or sell stocks for today, she advised intraday traders to look at Colgate Palmolive and Marico Industries shares.

Stock market outlook today

“Nifty remained subdued ahead of the US Fed decision on the policy rates resisting near the 17800 zone and witnessed some profit booking accompanied with volatile session. We anticipate fluctuations ahead with 17550 as the near term support zone while 17820 and 17900 would be the hurdles on the upside,” said Vaishali Parekh of Prabhudas Lilladher.

Prabhudas Lilladher experts went on to add, “Bank Nifty also is hovering near the 41000 and 41700 zone finding resistance near the peak zone and would need a decisive breakout above this crucial levels for further continuation of the trend. At the same time, 40300-40400 zone is the crucial support zone breaking which can witness further slide on the downside to weaken the near term bias. However, the support for the day is seen at 17600 while the resistance is seen at 17850. Bank Nifty would have the daily range of 40800-41650 levels.”

Buy or sell stocks by Vaishali Parekh

Vaishali Parekh of Prabhudas Lilladher advised traders to buy two stocks today — Colgate Palmolive and Marico Industries. Here we list out full details about Vaishali Parekh’s stock recommendations:

1] Colgate Palmolive: Buy at 1600, target 1660, stop loss 1568; and

2] Marico Industries: Buy at 535, target 555, stop loss 527.

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

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