Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 9

Buy or sell stocks: The Indian stock market dodged higher losses on Wednesday, January 8, after receiving support from index heavyweights, despite being dragged by weak global cues. 

The Nifty 50 index closed 0.80 per cent lower at 23,688.95 points, compared to 23,707.90 points at the previous close.

The BSE Sensex index closed 0.06 per cent lower at 78,148.49 points compared to 78,199.11 points at the previous stock market close. 

Vaishali Parekh’s stocks to buy today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50, managed to stay above the support zone of 23,500 and ended on a flat note in a volatile session. The bias and sentiment remain cautiously positive. Parekh estimates the Nifty 50 Spot index to find support at 23,500 points and face resistance at 23,900 points. The Bank Nifty index will likely move in the 49,800 to 50,700 range.

Parekh recommended three buy-or-sell stocks for Thursday: Poonawalla Fincorp Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., and Maruti Suzuki India Ltd.

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a volatile session once again but stayed above the important support zone of 23,500. After a pullback, it closed on a flat note. The index is precariously placed with the bias and sentiment maintained, and with a cautiously positive approach.”

“The index would need to sustain above the 23,800 level, and thereafter, the significant 200 period MA of 23,920 levels, to improve the bias and establish conviction to anticipate a further upward move in the coming days,” said the stock market expert.

“Bank Nifty breached the important support zone of 49,700 during the intraday session. After some recovery, it managed to close near the 49,800 zone. The bias, with a cautious approach, has been maintained as of now.  The index needs to move past the important 200-period MA at the 50,700 zone to regain strength. Only a decisive breach above the 50EMA zone of 51,650 shall improve the bias overall,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,500 points and resistance at 23,900 points. The Bank Nifty index would have a daily range of 49,800 to 50,700.

Buy or sell stocks by Vaishali Parekh

1. Poonawalla Fincorp Ltd. (POONAWALLA): Buy at ₹320; Target at ₹340; Stop Loss at ₹313.

2. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC): Buy at ₹557; Target at ₹580; Stop Loss at ₹545.

3. Maruti Suzuki India Ltd. (MARUTI): Buy at ₹11,817; Target at ₹12,000; Stop Loss at 11,650.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.