Stocks to buy or sell today: After heavy selling in Friday’s session, the Nifty 50 index broke its strong support at 17,770 levels and posted a weekly loss of over 1.5 per cent last week. This heavy sell-off was mainly due to weak US CPI data, which led to a 100 bps hike in interest rates at the upcoming Fed meeting this week. This US Fed interest rate hike has boosted the dollar index as the index has touched 110 levels and is finding strong support at 108 points. Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher believes that Nifty’s current sell-off may remain near 17,250 to 17,300 levels.
Vaishali Parekh’s recommendations
to speak on nifty technical outlookVaishali Parekh of Prabhudas Lilladher said, “Nifty showing two long bearish candle patterns on daily chart indicating heavy downside, weekly trend also turning lower giving overall bias a little cautious and sentiment weakening There is 17250-17300 level. Near term support is visible where the index should stabilize and the downside is forecasted near that area.
Prabhudas Lilladher Expert further said, “Bank Nifty also narrowed its gains to slip below 41,000 with profit-booking but has managed to maintain weekly trend with some frontline banking stocks still in positive bias zone However, support for the day is seen at 17,400 while resistance is seen at 17,700. Daily range for Bank Nifty will be 40,200 to 41,200 levels.
buy or sell stock for today
Speaking on stocks to buy or sell today, Vaishali Parekh recommends buying two banking stocks – IndusInd Bank and Axis Bank – today.
Here we list down the details regarding stock recommendations of Prabhudas Lilladher Expert:
1]IndusInd Bank: buy on 1227, target 1275, stop loss 1200; And
2]Axis Bank: buy on 789, target 830, stop loss 775.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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