Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 5

livemint.com:

Buy or sell stocks for today: The Indian stock market's leading indices, the Sensex and Nifty 50, closed in the red on Wednesday, September 4, due to profit booking in major stocks like ICICI Bank, Infosys, and Larsen & Toubro (L&T), coupled with weak global signals. The Sensex opened with a sharp decline of 710 points at 81,845.50 and stayed in negative territory throughout the session, reaching an intra-day low of 81,833.69, a drop of 722 points.

Meanwhile, the Nifty 50 began the day at 25,089.95, down from its previous close of 25,279.85, and hit an intra-day low of 25,083.80. Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, says that Nifty encountered resistance around the 25,300 level following a steady rise and has since declined due to profit booking, which has reversed the daily trend after 13 consecutive days of gains.

Parekh further estimates that BankNifty has been relatively sluggish, exhibiting narrow rangebound movement, and has also slipped from the 51,750 level due to profit booking. The near-term support is maintained near the key 50EMA level of 50,900.

Regarding stocks to buy today, Vaishali Parekh recommended three buy-or-sell stocks: Bharat Forge, Ambuja Cements, and Apollo Tyres. For the outlook on the Nifty 50 and the Bank Nifty index, Vaishali Parekh said, “Nifty has found resistance near the 25300 zone after the gradual rise witnessed and thereafter, has slipped down with profit booking witnessed to turn the daily trend down after 13 days of consecutive uptrend.