Buy or sell: Vaishali Parekh recommends three stocks to buy today — August 21
Buy or sell stocks for today: Following weak global market sentiments, Indian stock market ended lower on second day in a row on Friday. NSE Nifty lost 55 points and ended at 19,310 levels, BSE Sensex shed 202 points and closed at 64,948 mark whereas Bank Nifty index corrected 40 points and finished at 43,851 levels.
China Evergrande Group filed for Chapter 15 bankruptcy protection in New York late Thursday and that marred sentiments for equities around the globe. Vaishali Parekh believes that 19,270 is strong cushion for Nifty today and breaching of this support decisively would mean Nifty going further downward towards 18,800 levels.
Prabhudas Lilladher expert went on to add that overall trend is cautious. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Tourism Finance Corporation of India, Chalet Hotels and Linde India.
On outlook for Nifty today, Vaishali Parekh said, "Nifty during the intraday session on thrice occasion had maintained the crucial support zone and significant 50EMA level of 19,270 levels indicating a strong area and as mentioned earlier also, a decisive breach below shall trigger for fresh profit booking with next downside major support lying near 18,800 zone. The overall bias is maintained cautious and would need a decisive breach above 19,500 zone as of now to improve the sentiment and expect for further rise." "Bank Nifty also is holding on the 43,700 zone as of now with major support lying near 43,300 zone and a decisive breach below shall further weaken the trend to anticipate for fresh selling pressure.
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