Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 8
Buy or sell stocks for today: Despite cautious global market cues, the Indian stock market ended higher after trading range-bound throughout the day on Friday. Nifty 50 index added 52 points and closed at the 21,710 level, and BSE Sensex regained the 72,000 mark by adding 178 points in the last session of the week gone by.
However, the Bank Nifty index went off 36 points and finished at 48,159 level. The small-cap index rose more than the Nifty even as the advance-decline ratio remained high at 1.18:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street has managed to maintain the positive bias as the Nifty 50 index is sustaining above 21,700 levels. However, Prabhudas Lilladher expert maintained that a bullish trend can be assumed only after the 50-stock index gives a breakout above the 21,800 level.
She went on to add that the Bank Nifty index is also trading range-bound in the 47,900 to 48,600 range. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three shares are KPIT Technologies, Schaeffler India, and Carborundum Universal.
On the outlook for Nifty 50 today, Vaishali Parekh said, "Nifty 50 maintained above the 21,700 zone during the closing session with some volatility witnessed during the intraday session and a decent recovery in the final hours of the day to maintain the positive bias intact. With the result season beginning, we anticipate volatility in the market with the index required to decisively break above the resistance zone of 21,800 level to confirm a breakout and anticipate further rise in the coming days." "Bank Nifty ended on a flat note with fluctuations witnessed and overall would need a decisive breach
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