Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 12

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Buy or sell stocks: After showing a narrow range movement on Thursday, the Indian stock market witnessed sharp profit booking and closed lower on Monday. After climbing to a new peak of 22,526 level, the Nifty 50 index lost 160 points and closed at the 22,332 level, the BSE Sensex dipped 616 points and ended at the 73,502 mark whereas the Bank Nifty index nosedived 507 points and finished at 47,327 level.

In the broad market, the small-cap index fell more than the Nifty 50 index even as the advance-decline ratio fell to 0.24:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index is facing resistance at the 22,500 level.

The Prabhudas Lilladher expert anticipated further consolidation in the Indian stock market and predicted that the 50-stock index may go down towards 22,200 levels. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three buy or sell stocks — RateGain Travel Technologies, Linde India, and Jio Financial Services.

Also Read: RK Swamy IPO listing date today. What GMP, experts say on share debut On the outlook for the Nifty 50 today, Vaishali Parekh said, "After making an all-time high of 22,526 mark, the Nifty 50 index witnessed resistance near the 22,500 zones and ended on the lower side with some profit booking seen to turn the daily trend down, forming a double top formation pattern on the smaller time frame and anticipating some consolidation or a slight dip in the index movement till the 22,200 level." "The Bank Nifty, in a similar way, found resistance near the 48,000 zone and formed a 'LOWER TOP' formation on the daily chart.