Buy or sell: Vaishali Parekh recommends three stocks to buy today — 7th August
Buy or sell stocks for today: After falling on three days in a row on weak global market sentiments, Indian stock market ended higher on Friday. NSE Nifty added 135 points and closed at 19,517 levels, BSE Sensex went up 480 points and finished at 65,721 mark whereas Bank Nifty index shot up 366 points and ended at 44,879 levels.
Broad market indices rose in tandem with the Nifty even as the advance decline ratio remained firm at 1.90:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty witnesses a decent pull back from 19,300 levels and it may go up to 19,600 to 19,650 levels.
Prabhudas Lilladher expert went on to add that stock market sentiment has improved to some extent and Nifty's decisive breach above 19,650 zone shall further strengthen the trend to retest the psychological 20,000 landmark once again. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are IndusInd Bank, Chalet Hotels and BEL.
On outlook for Nifty today, Vaishali Parekh said, "Nifty index witnessed a decent recovery from the important 19300 zone and has formed almost like a “Morning Star" like pattern on the daily chart anticipating for further pullback till 19,600 to 19,650 levels. The bias has improved to some extent and a decisive breach above 19,650 zone shall further strengthen the trend to retest the psychological 20,000 landmark once again." "Bank Nifty also witnessed a decent pullback to close above the 44,700 zone which is where the significant 50 DEMA level lies to improve the bias.
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