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Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today —

Benchmark indices snapped a three-day losing streak on Tuesday, helped by a rise in IT and metal stocks and also tracking a recovery in the global investor sentiment. Although, worries over Covid-induced curbs in China and the looming minutes from the US Federal Reserve’s last policy meeting, due to be released on Wednesday, capped further gains in the domestic markets.

On the other hand, snapping its four-session losing streak, the rupee appreciated by 12 paise to close at 81.67 against the US dollar on Tuesday as the American currency retreated from its elevated levels. Meanwhile, Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth 697.83 crore, according to the exchange data.

Intraday trading strategy for today

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd said that “Nifty has as of now taken support near the 18,140 zone and indicated a pullback with improved bias and anticipating further upward move in the coming days. The overall sentiment has been maintained with a cautiously positive approach with 18,000 as the major support zone for the Nifty index. The support for the day for the index is seen at 18,100 while the resistance is seen at 18,400.”

On Nifty Bank, she added that “Bank Nifty as said earlier, is moving within a range between 42,600 and 42,200 zone witnessing some consolidation with some of the major frontline banking stocks showing stagnancy and most of the PSU Banks outperforming the Private banks and showing active participation with further positive moves anticipated ahead. Bank Nifty would have a daily range of 42,100-43,000 levels.”

Intraday stocks picks for today

Sharing as the top picks for Wednesday, Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today which are Titan and Coforge.

Titan: Buy TITAN, stop loss 2,565, target 2,690

Corforge: Buy COFORGE, stop loss 3,750, target 3,940

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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