Monday, February 3, 2025

Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 20

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Buy or sell stocks: The Indian stock markets witnessed significant selling pressure on Friday, January 17. The banking and IT indices witnessed sharp sell-offs, which caused the benchmark indices to lose their three-day consecutive winning streak. The Nifty 50 index closed 0.47 per cent lower at 23,203.20 points, compared to 23,311.80 points at the previous stock market close. 

The BSE Sensex index closed 0.55 per cent lower at 76,619.33 points on Friday, compared to 77,042.82 points at the previous market close. 

Vaishali Parekh’s stocks to buy today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 failed to breach the 23,300 zone as IT, Banking, and Financial Services stocks lost steam, dragging down the overall indices. Parekh estimates the Nifty 50 Spot index to find support at 23,000 points and face resistance at 23,400 points. The Bank Nifty index will likely move in the 48,100 to 49,000 range.

Parekh recommended three buy-or-sell stocks for Monday: Roto Pumps Ltd, NHPC Ltd, and National Aluminium Co. Ltd.

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty once again failed to move above the 23,300 zone amid volatility, and closed near the 23,200 levels, with IT and Banking stocks along with Financial Services losing steam, dragging down the indices.”

“The bias remains cautious, as long as the important 23,300 and 23,500 levels are not breached, to establish conviction. The 23,000 zone would continue to be the important and crucial support level, which needs to be sustained. Select counters continue to perform on a rotation basis in anticipation of positive outcomes from the budget, which is due on 1st February,” said the stock market expert.

“Bank Nifty, once again witnessed a dip, failing to move past the 49,000 zone and with most of the frontline banking stocks losing steam, dragged the index to close near 48,500 zone, with bias maintained with a cautious approach. The index need to sustain above the important support of 48,000 level. Only a decisive close above the important 49,700 level shall establish conviction for a further rise in the coming days,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,000 points and resistance at 23,400 points. The Bank Nifty index would have a daily range of 48,100 to 49,000.

Buy or sell stocks by Vaishali Parekh

1. Roto Pumps Ltd. (ROTO): Buy at 274; Target at 300; Stop Loss at 265.

2. NHPC Ltd. (NHPC): Buy at 80.5; Target at 84; Stop Loss at 78.

3. National Aluminium Co. Ltd. (NATIONALUM): Buy at 204; Target at 213; Stop Loss at 198.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.





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