Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 8
Buy or sell stocks for today: After showing a sideways movement (a term used to describe a market that is neither trending up nor down) with a weak bias (a slight inclination towards a particular direction) on Monday, the Indian stock market slipped into the weakness zone (a period of declining prices) with range-bound action (a situation where the price of a security trades in a narrow band) and ended lower on Tuesday. The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark.
Declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024. All the sectoral Indices are closed in red (a term used to indicate a negative performance) except Nifty FMCG and Nifty IT.
Nifty Reality, Metal, and PSU Banks fell the most among them. Also Read: Trade setup for stock market today: Four stocks to buy or sell on Wednesday Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias has weakened as the Nifty 50 index tumbled below 50-DMA levels on Tuesday.
The Prabhudas Lilladher expert maintained that a decisive breach below the 22,300 mark would mean another 200 to 300 points correction in the 50-stock index from current levels. Regarding stocks to buy today, Vaishali Parekh recommended three buy or sell stocks for today: Happiest Minds, Wipro, and ITC.
On the outlook for the Nifty 50 today, Vaishali Parekh provides a clear analysis. She said, "Nifty for the 3rd consecutive day tumbled down to move well near the 50-DMA level of 22300, forming a bearish
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