Vaishali Parekh's recommendations
Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that Nifty is unable to sustain above 17,000 levels and once again slipped below 16,900 levels. Bank Nifty too fizzled out from 38,800 levels after profit booking trigger. Vaishali Parekh of Prabhudas Lilladher advised stock specific approach till further clarity becomes visible on chart pattern. Vaishali Parekh recommended two stocks to buy today and those two stocks are IPCA Laboratories and Can Fin Homes.
Trade setup for Tuesday
Unveiling day trading strategies for stock market today, Vaishali Parekh said, "Nifty could not sustain above the 17,000 levels witnessing heavy profit booking and once again slipped below the 16,900 zone on the back of negative cues from financial institution thus creating a cautious and weak sentiment as of now."
Vaishali Parekh of Prabhudas Lilladher went on to add that Bank Nifty also fizzled out from the 38,800 levels with profit booking seen in almost every banking stocks to close near the 38,000 landmark with bias turning weak. For Nifty index, the 16,700 to 16,750 zone would be crucial failing which the bias would further weaken with fresh downside targets open. With overall approach remaining cautious as of now, one need to go for select stocks till further clarification and confirmation of the trend. The support for the day is seen at 16,750 while the resistance is seen at 17,000. Bank Nifty would have the weekly range of 37,400 to 38,500 levels.
Buy or sell stocks for today
As mentioned above, Vaishali Parekh has recommended two stocks to buy today. Here we list out full details:
1] IPCA Laboratories: Buy at ₹934, target ₹970, stop loss ₹915; and
2] Can Fin Homes: Buy at ₹480, target ₹505, stop loss ₹462.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
