Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 6
Buy or sell stocks for today: Following strong global market sentiments, Indian stock market ended higher for second straight session on Friday. Nifty 50 index gained 97 points and ended at 19,230 levels, BSE Sensex shot up 282 points and finished at 64,363 mark while Bank Nifty index went up 301 points and closed at 43,318 levels.
Broad market indices rose more than the Nifty even as the advance decline ratio remained firm at 1.94:1. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that market sentiments have improved after recent bounceback on Dalal Street.
Prabhudas Lilladher expert went on to add that Nifty 50 index is heading for near term target of 19,500 to 19,650 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Raymond, IRFC and Zomato.
On outlook for Nifty today, Vaishali Parekh said, "Nifty 50 has picked up well in this week and given a good bounce back above 0.38% retracement to close above 19220 level. With 19050 levels maintained as the decent support zone as of now, the near-term target visible is near the 19500–19650 zone with RSI on the rise from the oversold zone and getting stronger to support the upward movement." "Bank Nifty has steadily given a decent rise in the last 3–4 sessions to reach above the 200DMA level of 43200, and with frontline banking stocks like Axis Bank, ICICI Bank, and SBI, along with PSU banks, getting stronger, further upward moves are anticipated.
The overall trend has been gaining strength, with a focus now being maintained near significant landmarks where some profit booking can be anticipated," said Parekh. Parekh went on to add that immediate support for Sensex/Nifty today is placed at
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