Buy or sell: Three stocks to buy today recommends Vaishali Parekh-17 October

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — ABB India, CIE Automotive India and Mazagon Dock.

Stock market today: Nifty is trading in 19,600 to 19,850 range, believes Vaishali Parekh. (iStock)

Buy or sell stocks for today: Indian stock market declined for third straight session on Monday. Nifty 50 index lost 19 points and closed at 19,731 levels, BSE Sensex shed 115 points and closed at 66,166 mark while Bank Nifty index finished 62 points lower at 44,225 levels. In broad market, mid-cap and small-cap stocks managed to buck the trend and witnessed some bargain hunting ahead of festival driven demand.

Advancing shares outnumbered the declining shares for the fourth day on the trot as advance decline ratio stood at 1.18 levels on BSE. NSE Cash market volumes were lower as compared to recent averages. Amongst the sectors, Nifty Metal, Consumer durables and Nifty PSU Banks were major gainers while Pharma, Healthcare and Reality were major losers.

Intraday trading strategy for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty needs to maintain its support at 19,600 and for further upside, the 50-stock index must breach its hurdle placed at 19,850 mark. Prabhudas Lilladher expert maintained that broad market is performing well and with results season going on, market is expected to remain volatile.

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are ABB India, CIE Automotive India and Mazagon Dock.

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Speaking on outlook for Nifty today, Vaishali Parekh said, "Nifty overall witnessed a rangebound session with flat closing near 19,750 levels with the broader markets performing well and volatility is anticipated with the result season going on. As mentioned earlier, the index needs to maintain the near-term support zone of 19,600 levels while on the upside 19,850 zone is acting as a resistance barrier which needs to be breached decisively."

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"Bank Nifty witnessed resistance near the 44,300 zone during the Monday session. As said earlier, the levels near 44,700 zone is acting as a strong resistance barrier for the index where the important 50EMA lies and only a decisive breach above that zone can establish some conviction thereafter to anticipate for further rise," said Parekh.

Parekh went on to add that Nifty today has immediate support placed at 19,600 levels while the resistance is seen at 19,900 levels. Bank Nifty would have the daily range of 43,900 to 44,600 levels.

Stocks to buy today

1] ABB India: Buy at ₹4281, target ₹4470, stop loss ₹4220;

2] CIE Automotive India: Buy at ₹476, target ₹497, stop loss ₹470; and

3] Mazagon Dock: Buy at ₹2163, target ₹2300, stop loss ₹2130.

Disclaimer: 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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