Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 2

Buy or sell stocks for today: Following weak global cues after Wall Street fell to its worst loss since September, the Indian stock market ended lower on the Union Budget 2024 date. The Nifty 50 index fell 28 points and closed at the 21,697 level whereas the BSE Sensex dipped 106 points and ended at the 71,645 mark. However, the Bank Nifty index gained 191 points and finished at 46,188 level. Broad market indices fell a little more than the Nifty even as the advance-decline ratio fell to 0.77:1.

Intraday trading tips for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is resisting near the 21,800 mark. However, the Prabhudas Lilladher expert maintained that overall Indian stock market sentiment is positive. Vaishali Parekh said that near-term support for the Nifty 50 index is placed at 21,450. She maintained that the Bank Nifty index needs a decisive breach of 46,300 levels for a fresh bull trend.

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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Concor, Cipla, and HDFC Life.

Stock market today

On the outlook for the Nifty 50 index, Vaishali Parekh said, “Nifty witnessed a rangebound session during the Interim Budget Session once again resisting near the 21,800 zone to end the day near 21,700 levels with overall sentiment still maintain positive. The index would maintain the near-term support at the 21,450 zone while on the upside 21,800 zone is acting as a tough resistance barrier.”

“Bank Nifty witnessed a gradual rise during the session and ended on a slight positive note near the 46,200 zone with overall bias gradually improving. As mentioned earlier, the index needs a decisive breach above the important hurdle of the 50EMA level of the 46,300 zones to establish some conviction and thereafter, anticipate a further upward move in the coming sessions,” Parekh said.

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Parekh went on to add that immediate support for Nifty today is placed at 21,600 while the resistance would be at the 21,900 mark. Bank Nifty would have a daily range of 45,800 to 46,700 levels.

Stocks to buy today

1] Concor: Buy at ₹921.20, target ₹955, stop loss ₹905;

2] Cipla: Buy at ₹1387.65, target ₹1445, stop loss ₹1364; and

3] HDFC Life: Buy at ₹587.10, target ₹610, stop loss ₹578.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.