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Friday, January 27, 2023

Buy or Sell: Vaishali Parekh Recommends 2 Stocks to Buy Today, January 9

Buy or sell stocks for today: Due to weakness in US markets, Dalal Street ended up in the red zone for the third day in a row on Friday. The 50-stock Nifty Index lost 132 points to close at 17,859, the 30-stock BSE Sensex was down 452 points to close at 59,900, while the Bank Nifty Index finished 419 points south at 42,188 levels. Broad market indices continued to bleed, as the small-cap index lost 0.73 percent, while the mid-cap index lost 0.72 percent. The advance-decline ratio remained low at 0.51:1.

Daily Trading Strategy for Monday

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that Nifty can drop as low as 17,250 levels if it breaks the current crucial support located at 17,800 levels. Prabhudas Lilladher insiders said TCS shares will be in the spotlight today as street watchers and investors eagerly await the IT giant’s TCS results for the October-December 2022 quarter. To Buy Today, Prabhudas Lilladher’s Vaishali Parekh recommended two stocks to buy today and those two stocks are Mahindra & Mahindra (M&M) and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).

On intraday trading strategies, Prabhudas Lilladher’s Vaishali Parekh said: “Nifty further extended losses with the bearish 3 black crows pattern on the daily chart with the crucial 17800 support zone retested plus a decisive break below would trigger new selling pressure to anticipate further decline in the index. The index has the next major support zone of the 17250 levels, which is where the significant 200DMA level lies.”

“Bank Nifty has also extended the loss further with a negative candlestick to break below the significant 50EMA level of 42,380 to weaken the bias and also has the important support zone of 41,500 to 41,550 levels which are above what can be anticipated on a further intensified selling pressure in the banking sector,” Parekh said.

Vaishali Parekh said that support for NSE Nifty is seen at 17,700 while resistance is seen at 18,000 levels. Bank Nifty would have a daily range of 41,700 to 42,600 levels.

TCS, Infosys shares in the spotlight

The Prabhudas Lilladher expert went on to add that with sentiment and bias weakened, all eyes would now be eagerly awaiting the results from IT giants Infosys and TCS in the coming week. She said that TCS and Infosys stocks will be in the spotlight this week.

Stocks to buy today

As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended two intraday stocks for today, here we are listing all the details regarding those two day trading stocks:

1]Mahindra and Mahindra (M&M): Buy in $1264, target $1288, stop loss $1250; Y

2]Gujarat Narmada Valley Fertilizers & Chemicals or GNFC: Buy in $587, target $604, stop loss $580.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint. We advise investors to consult with certified experts before making any investment decision.

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