Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — 17th October | Mint – Mint

By or sell stocks for today: Following positive sentiments on Wall Street, Indian stock market ended higher on Friday, trimming its weekly losses in pervious sessions. NSE Nifty surged 171 points and closed at 17,185 whereas BSE Sensex gained 684 points and closed at 57,919 levels. Nifty Bank surged 681 points and finished at 39,305 mark. Broad market indices underperformed as the focus was on the frontline large-cap stocks. Advance decline ratio however improved to 0.95:1.

Vaishali Parekh’s recommendations on stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Indian stock market surprised the streets with a massive gap-up opening and played the bullish card all through the day, only to give up the gains during the last hour of the session. She said that overall stock market sentiment has improved but Nifty need to sustain above 17,300 to 17,350 levels. Vaishali Parekh of Prabhudas Lilladher went on to add that Nifty Bank is showing more strength in comparison to Nifty 50 index. On stocks to buy today, Prabhudas Lilladher expert recommended two shares to buy today and those two shares are Mahanagar Gas Ltd (MGL) and Larsen & Toubro (L&T).

Speaking on intraday trading strategies for stock market today, Vaishali Parekh said, “Nifty Nifty opened with a huge gap up near the 17300 zone erasing all the negative sentiments witnessed the previous day but in the later half was subjected to heavy profit booking to slide down and closed near the 17200 zone. Bank Nifty also opened the session near 39400 zone on a positive note and maintained the levels with a rangebound session to close near 39300 zone.”

Vaishali Parekh of Prabhudas Lilladher went on to add that overall, the sentiment has improved but Nifty need to breach above the 17300-17350 zone decisively as said earlier, to establish some clarity and conviction about the trend whereas Bank Nifty has shown strength as compared to Nifty index with individual frontline stocks like Kotak Bank, ICICI Bank and HDFC Bank regaining strength and looking positive for further upward move. The support for the day is seen at 17,050 while the resistance would be 17,350. Bank Nifty would have the daily range of 38,800 to 40,000 levels.

Stocks to buy today

As mentioned above, Vaishali Parekh has recommended two shares to buy today. Here we list out details in regard to those buy or sell stocks for today:

1] Mahanagar Gas Ltd or MGL: Buy at 808, target 840, stop loss 794; and

2] Larsen & Toubro (L&T): Buy at 1911, target 1952, stop loss 1885.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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