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Buy or Sell: Vaishali Parekh recommends three stocks to buy today – May 5


Buy or sell stocks for today: Due to strong global market sentiment, the Indian stock market finished higher on Thursday with all three major benchmark indices posting nice gains. 50-stock index Nifty shot up 165 points to finish at a more than four-month high, while the 30-stock index Sensex rose 555 points to close at 61,749 levels. The Bank Nifty index shot up 372 points and closed at 43,685 points. In broad markets, both small-cap and mid-cap indices finished higher with intraday gains of just over 0.80 percent.

Intraday trading strategy for Friday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty has strong support at 18,050 levels and the 50 stock index has crossed the crucial hurdle at 18,200 levels. Prabhuda’s Lilladher expert added that several sectors are starting to show strength after the withdrawal rally on Thursday. As for stocks to buy today, Vaishali Parekh recommended three day trading stocks for today and those three intraday stocks are Reliance Industries Limited or RIL, Havells India and Axis Bank.

On the outlook for Nifty today, Vaishali Parekh said, “Nifty has again held levels near the 18,050 zone, indicating strong support, and has witnessed quite a pullback to break the crucial hurdle of the 18,200 zone , anticipating further upside gains in the coming days with major front-line stocks across the various sectors beginning to show significant strength.”

“Bank Nifty is also gaining momentum, has passed the 43,500 zone quite convincingly and is expected to continue momentum even further up to 44,000 levels. With the overall trend improving, we maintain a positive outlook and can look to new stocks for further profits,” Parekh said.

Parekh added that support for NSE Nifty is placed at 61,300/18,100 (Sensex/Nifty) while resistance is seen at 62,200/18,400 (Sensex/Nifty). Bank Nifty would have a daily range of 43,000 to 44,300 levels.

Stocks to buy today

As mentioned above, Vaishali Parekh recommended three day trading stocks for today, here we break down all the details regarding those buy or sell stocks:

1]Havells: Buy at 1256, target 1310, stop loss 1230;

2]Axle bank: Buy at 865, target 920, stop loss 830; And

3]Reliance Industries Limited or RIL: Buy at 2448, target 2600, stop loss 2400.

disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We recommend that investors consult certified experts before making investment decisions.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.