Buy or sell stocks: The Indian stock market fell for the fifth successive session on Wednesday, November 13, due to weak global trends, a rise in the dollar index, a weakening rupee and a sell-off from foreign investors. The Nifty 50 index closed 1.36 per cent lower at 23,559.05 points, compared to 23,883.45 points at the previous market close.
The BSE Sensex closed 1.25 per cent lower at 77,690.95 points after Wednesday’s trading session, compared to 78,675.18 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 has witnessed a decent correction of over 10 per cent from the peak of 26,277, and now has touched 23,545. A further breach below will weaken the overall bias. Parekh estimates the Nifty 50 Spot index to find support at 23,300 points and face resistance at 23,800 points. The Bank Nifty index will likely move in the 49,500 to 50,700 range today.
For today, Parekh recommended three buy-or-sell stocks: Marksans Pharma Ltd, Deep Industries Ltd, and Alkem Laboratories Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty ended on the losing side by more than 300 points and has witnessed a decent correction of more than 10% from the peak of 26,277, and now it has touched 23,545, which is the level where the significant 200-DMA lies.”
“A further breach below 200-DMA shall weaken the overall bias, with the next major support positioned near 23,000–22,800 levels,” said the stock market expert.
“Bank Nifty tanking heavily indicated a bearish candle formation on the daily chart to make a low of 49,900 near the 200-period MA . On the downside, the next major support lies at 200-DMA level of 49,700 , which needs to be sustained to maintain the overall trend intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,300 points, while the resistance lies at 23,800 points. The Bank Nifty index would have a daily range of 49,500 to 50,700.
Buy or sell stocks by Vaishali Parekh
1. Marksans Pharma Ltd. (MARKSANS): Buy at ₹305; Target at ₹320; Stop Loss at ₹295.
2. Deep Industries Ltd. (DEEPINDS): Buy at ₹483; Target at ₹500; Stop Loss at ₹470.
3. Alkem Laboratories Ltd. (ALKEM): Buy at ₹5,571; Target at ₹5,850; Stop Loss at ₹5,400.
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 taking any investment decisions.
