Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — February 3


Buy or sell stock: Extending roller-coaster trend on Thursday, Adani stocks continue to weigh on Nifty and other key benchmark indices. NSE Nifty ended 5 points down at 17,610 while BSE Sensex surged 224 points and finished at 59,932 levels. Bank Nifty index gained 156 points and ended at 40,669 mark. However, broad markets outperformed Nifty and Sensex as small-cap index added 0.36 per cent while went up to the tune of 0.21 per cent on Thursday.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that bullish or bearing trend can be ascertained only when the 50-stock index Nifty breaks either side of its range 17,500 to 17,650 in which it has been trading for last five sessions. Prabhudas Lilladher expert maintained that frontline banking stocks like Axis Bank, ICICI Bank, HDFC Bank, etc. shares are expected to remain in focus when market opens on Friday. On stocks to buy today, Vaishali Parekh recommended three day trading stocks for today and those three intraday stocks are Hindustan Unilever Ltd or HUL, Cummins India and Kotak Mahindra Bank.

“Nifty witnessed a slightly volatile session hovering between 17650 and 17500 zone with no clear directional move and once again closed near the 17,600 zone for 5th consecutive session. Bank Nifty also witnessed some fluctuations and the last hour pullback helped the index to close in the green near 40,650 zone,” Parekh said.

Vaishali Parekh of Prabhudas Lilladher went on to add that frontline banking stocks like Axis Bank, ICICI Bank, Kotak Bank and HDFC Bank looks promising and can expect for upward movement from current levels.

On important pivot levels in regard to Nifty and Bank Nifty today, Vaishali Parekh said, “The overall bias and sentiment is maintained with a cautious approach and once again advisable to avoid for aggressive trading strategy till things settles down. The support for the day is seen at 17,450 while the resistance is seen at 17,750. Bank Nifty would have the daily range of 40200-41200 levels.”

Intraday stocks for today

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

1] HUL: Buy at 2634, target 2710, stop loss 2600;

2] Cummins India: Buy at 1449, target 1485, stop loss 1430; and

3] Kotak Mahindra Bank: Buy at 1761, target 1810, stop loss 1740.

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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Article Source:Money Control

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