Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 16
Buy or sell stocks: Despite strong global cues, the Indian stock market broke its three-day winning streak on Wednesday. The Nifty 50 index closed at the 22,200 mark, the BSE Sensex closed at the 72,987 mark, and the Bank Nifty index finished at 47,687. Cash market volumes on the NSE rose about 9 percent to Rs.1.01 lakh crore.
The broad market indices ended positively, with an advance-decline ratio of 1.46:1. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, holds a positive outlook for the Indian stock market. She predicts the Nifty 50 index to reach 22,550 to 22,600 and the Bank Nifty to trade in the 47,300 to 48,200 range.
For today, Parekh recommends three stocks to buy: Coal India, BPCL, and HDFC AMC. On the outlook for the Nifty 50 index, Vaishali Parekh said, "The Nifty 50 index halted the pullback rally near the 22,300 zone and ended the session near the significant 50EMA level of 22,220 zone with bias maintained positive. A decisive breach above the 22,300 level would be needed to continue the positive upward movement.
Expect the next targets of 22,550 to 22,600 levels. The support would be maintained near the 22,000 zone as of now, which needs to be sustained." "The Bank Nifty index, after the short pullback witnessed, has found resistance near the 47,950 zone to end the session near the significant 50EMA level of 47,700. The important support level for the index is maintained near the 47,200 zone, which is also where the important 100-period MA lies," said Parekh.
Parekh went on to add that Nifty today has immediate support at 22,100 levels while resistance is seen near 22,350 levels. Bank Nifty would have a daily range of 47,300 to 48,200 levels. 1] Coal India: Buy at ₹468, target
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