Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 21
Buy or sell stocks for today: Following mixed global cues, Indian stock market ended lower for second straight session on Wednesday. Nifty 50 index went down 231 points and ended at 19,901 levels, BSE Sensex corrected 796 points and ended at 66,800 levels whereas Nifty Bank index nosedived 595 points and finished at 45,384 mark.
Broad market indices recovered part of the losses during the day and ended with lower losses than the Nifty even as the advance decline ratio fell to 0.54:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that major support zone for Nifty 50 today is placed around 19,820 to 19,840 levels.
Prabhudas Lilladher expert went on to add that market sentiment has got a dent after Nifty closed below 20,000 levels on Wednesday. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are REC, NCC and SCI.
On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty 50 index witnessed a gap down opening and moved below the 20,000 mark during the intraday session to weaken the bias and ended near the 19,900 zone turning down the daily trend after 12 days to maintain a cautious approach. With heavy profit booking witnessed, the major support zone for Nifty 50 index would be near the 19,820 to 19,840 zone and upside would need to breach the 20,000 levels once again to improve the bias." "Bank Nifty also witnessed heavy profit booking losing almost 600 points on the back of weak cues from HDFC Bank which triggered the slide forming a double top formation pattern on the daily chart.
The index would have the major support zone of 44,800 levels below which the overall trend would turn weak," said Parekh. Parekh went on to
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