Buy or sell: Vaishali Parekh recommends three stocks to buy today — 3rd August
Buy or sell stocks for today: Following weak global market sentiments after downgrade os the US ratings, Indian stock market drifted lower on Wednesday session. NSE Nifty ended 207 points lower at 19,526 levels, BSE Sensex crashed 676 points and closed at 65,782 mark while Bank Nifty index finished 596 points lower at 44,995 levels.
Broad market indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.39:1, the lowest since June 23, 2023. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market trend has become cautious after Nifty breaching below 149,600 levels.
Prabhudas Lilladher expert went on to add that Nifty today has major support placed at 19,300 levels whereas 19,600 to 19,650 would be the near term resistance for the index. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Hindustan Unilever Ltd (HUL), Berger Paints and Ami Organics.
On outlook for Nifty today, Vaishali Parekh said, "Nifty index with lower top formation on the daily chart has breached below the crucial support zone of 19,600 levels during the intraday session with heavy profit booking witnessed, weakening the overall trend to maintain a cautious approach from here on. On the downside now 19,300 zone is the major important support zone which needs to be sustained whereas 19,600 to 19,650 zone would be the near-term resistance zone which needs to be breached to once again improve the bias to anticipate for further upward move." "Bank Nifty also broke the important levels of 45,500 and 45,000 zone during the intraday session to weaken the bias and has 44,600 zone as the crucial important
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