Buy or sell: Vaishali Parekh recommends three stocks to buy today — 11 September

Buy or sell stocks for today: Domestic equity benchmarks Sensex, and Nifty extended their gains for the second straight session, largely buoyed by a rally in US stocks amid hopes of a potential Fed interest rate cut next week. Information technology (IT) and pharma stocks led the surge in the previous session, with the Nifty IT stocks rising five per cent, fueled by optimism over rate cuts and a positive sector outlook from domestic brokerage firms.

The Nifty 50 rose by 104.70 points to settle at 25,041.10, while the 30-share BSE Sensex rose 361.75 points to 81,921.29 at the close of the trading hours. Mid-cap and small-cap indices outperformed the benchmarks, with the BSE smallcap gauge climbing 1.53 per cent and the midcap index going up 0.53 per cent.

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At the interbank foreign exchange (forex) market, the local unit opened at 83.95 against the American currency and settled at 83.98 against the US dollar, down three paise from its previous close on Tuesday, September 10.

International crude oil prices extended their bearish streak and crashed to a 33-month low in the previous session, with the Brent crude benchmark sinking below $70 per barrel for the first time since December 2021. 

The price crash was due to demand concerns after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) slashed its world oil demand forecast for 2024 and 2025 and a possible resolution of the Libyan dispute.

Also Read: IT services cos to report operating profit margin at 22% in FY25, revenue growth muted; Coforge, LTIMindree rise 4-5%
 

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “The Nifty 50 index would need to breach above the 24,300 zone to confirm a fresh trend. We anticipate a fresh upward move in the coming days, with the broader markets showing strength with active participation.”

Regarding stocks investors can buy, Vaishali Parekh recommended three intraday stocks for today: CSB Bank, Exicom Tele-Systems Ltd, and Tata Consumer Products.
 

Stock market today

For the Nifty 50’s outlook today, Parekh said, “Nifty has taken support near the 24,800 zone and indicated a decent pullback to form a higher bottom pattern on the daily chart with improvement in the bias and sentiment to anticipate further rise.”

Also Read: Week Ahead: Inflation data, IPO frenzy, crude oil prices, global cues among key market triggers for Nifty 50, Sensex

“Bank Nifty overall has been sluggish, as compared to the Nifty index and would need to breach above the 5,1800 zone to establish conviction decisively and thereafter, anticipate further rise for next targets of 5,2600 and 53,500 levels in the coming days,” she added.

According to the expert, Nifty50’s support for the day is at 24,900 levels, while the resistance is at 25,200 levels. Bank Nifty would have a daily range of 50,900-51,800 levels.

Also Read: Stock market today: Nifty 50 closes above 25,000, Sensex nears 82,000; IT stocks drive rally
 

Stocks to buy today

1.CSB Bank: Buy CSB Bank at ₹324 at a target price of ₹350 with a stop loss ₹312.

2.Exicom Tele-Systems Ltd: Exicom Tele-Systems at ₹427 at a target price of ₹460 with a stop loss ₹410.

3.Tata Consumer Products: Buy Tata Consumer Products at ₹1,212 at a target price of ₹1,250 with a stop loss of ₹1,190.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.