Buy or sell: Vaishali Parekh recommends three stocks to buy today — 8th August
Buy or sell stocks for today: Despite mixed global market sentiments after a mixed US jobs report, Indian stock market scaled higher on second day in a row. NSE Nifty added 80 points and closed at 19,597 levels while BSE Sensex shot up 232 points and ended at 65,953 mark.
However, Bank Nifty shed 42 points and closed at 44,837 levels. In broad market, small-cap index added 0.26 per cent whereas mid-cap index outperformed key benchmark indices by gaining to the tune of 0.56 per cent.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market bias has improved after Nifty crossed 19,600 levels during Monday session. Prabhudas Lilladher said that near term target for Nifty today is 19,800 to 19,850.
On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are RITES, M&M Finance and Samvardhana Motherson. On outlook for Nifty today, Vaishali Parekh said, "Nifty continued with the positive move from where it had ended the session on Friday and crossed the 19,600 levels during the intraday session to improve the bias further anticipating for near-term target of 19,800 to 19,850 levels in the coming days.
The positive gain for the 2nd consecutive session has slightly improved the sentiment with a higher bottom formation pattern indicated on the daily chart to anticipate for further rise." "Bank Nifty remained sluggish as compared to the Nifty index moving within a very narrow range and closed on a flat note. As said earlier, the index has got the important near-term support at around 44,300 zone and on the upside need to cross the 45,500 levels for the overall bias to turn positive and anticipate for further rise to retest the peak
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