Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 19
Buy or sell stocks: The range-bound action continued in the Indian stock market for the second consecutive session on Monday. The Nifty 50 index ended 32 points higher at the 22,055 level, the BSE Sensex finished 104 points higher at the 72,748 mark while the Bank Nifty index went off 18 points and closed at the 46,575 level.
The broad market indices ended almost flat even as the advance-decline ratio remained firm at 1.04:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that the Nifty 50 index has been trading in the 21,900 to 22,150 range for the last three straight sessions.
The Prabhudas Lilladher expert said that a decisive breach above 22,200 is necessary for the 50-stock index to improve the stock market bias. On stocks to buy today, Vaishali Parekh recommended three buy or sell stocks — Union Bank of India, NMDC, and Oberoi Realty.
On the outlook for the Nifty 50 index, Vaishali Parekh said, "Nifty since the last 3 consecutive sessions has been gripped between 21,900 and 22150 levels witnessing a range-bound movement with support maintained strong just above the significant 50EMA level of 21,870 zone. A decisive close above 22,200 is necessary to improve the bias from current levels and thereafter anticipate further rise to retest the previous peak." "The Bank Nifty has been sluggish with a gradual slide witnessed and has shown signs of taking support near the important 100 period MA of 46,000 levels to anticipate a pullback.
As mentioned earlier, a decisive breach above the 47,300 zone is needed to improve the bias overall and expect further rise," said Parekh. Parekh went on to add that Nifty today has immediate support placed at 21,900 level while the resistance would be
. Read more on livemint.com
