Buy or sell: Vaishali Parekh recommends three intraday stocks for today — October 25
Buy or sell stocks for today: Following weak global market sentiments as 10-year yield on US Treasuries hit 5 per cent for the first time since 2007, Indian stock market ended lower for fourth straight session. Nifty 50 index ended 260 points lower at 19,281 levels, BSE Sensex shed 825 points and closed at 64,571 mark while Bank Nifty index lost 571 points and finished at 43,151 levels.
Broad markets indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.13:1, the lowest in 10 months. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments have gone bearish after Nifty 50 index breached the crucial 19,500 support.
Prabhudas Lilladher expert went on to add that there can be sharp downside move in the Indian stock market if the Nifty breaches its current crucial support placed at 19,200 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — UBL, PEL and Tata Chemical.
On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty tanked heavily with profit booking witnessed once it breached below the crucial and important support zone of 19,500 levels with bears taking control of the situation and overall bias has turned very cautious. The 19,200 zone shall be crucial support zone failing which there can be further intensified selling pressure with next major support maintained near 18,800 levels." Global markets today: Equities in US, Europe rise on robust earnings "Bank Nifty during the intraday session plunged once a breach below the important support zone of 43,600 was breached and witnessed intensified profit booking to almost touch the 43,000 zone.
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