Stocks to buy or sell today: After heavy sell-off on Friday session, Nifty 50 index broke its strong support placed at 17,770 levels and logged more than 1.5 per cent weekly loss last week. This heavy sell-off was mainly caused by weak US CPI data that triggered 100 bps interest rate hike in upcoming Fed meeting this week. This US Fed interest rate hike has fueled dollar index as the index has surged to the tune of 110 levels taking strong support at 108 mark. Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher Prabhudas Lilladher believes that Nifty current sell-off may bottom out around 17,250 to 17,300 levels.
Vaishali Parekh’s recommendations
Speaking on Nifty technical outlook, Vaishali Parekh of Prabhudas Lilladher said, “Nifty tanked further heavily indicating two long bearish candle pattern on the daily chart to also turn down the weekly trend turning the overall bias a little bit cautious and sentiment turning weak. The levels of 17250-17300 is the near term support visible where the index should stable out and is anticipated to bottom out near that zone.”
The Prabhudas Lilladher expert went on to add, “Bank Nifty also eroded its gains to slip below the 41,000 with profit booking witnessed but has managed to maintain the weekly trend with some of the frontline banking stocks still looking in the positive bias zone. However, the support for the day is seen at 17,400 while the resistance is seen at 17,700. Bank Nifty would have the daily range of 40,200 to 41,200 levels.”
Buy or sell stocks for today
Speaking on stocks to buy or sell today, Vaishali Parekh recommended two banking stocks — IndusInd Bank and Axis Bank — to buy today.
Here we list out details in regard to Prabhudas Lilladher expert’s stock recommendations:
1] IndusInd Bank: Buy at ₹1227, target ₹1275, stop loss ₹1200; and
2] Axis Bank: Buy at ₹789, target ₹830, stop loss ₹775.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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