Buy or Sell: Vaishali Parekh recommends three stocks to buy today, January 7

Buy or Sell Stock: The Indian stock market fell on Monday, January 6, as reports of a new virus spreading in China spooked investors, leading to heavy selling. Nifty 50 index fell 1.62 percent to close at 23,616.05 points, compared to its previous level of 24,004.75 points. stock market to close.

After Monday’s trading session, the BSE Sensex index fell 1.59 per cent to close at 77,964.99 points, compared to 79,223.11 points at the previous market close.

Buy Vaishali Parekh shares today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said nifty 50 A large bearish candle formed on the daily chart, which broke below the important 200-period MA at the 23,900 level, with the bias becoming very weak. Parekh estimates that the Nifty 50 spot index will find support at 23,400 points and face resistance at 23,800 points. Bank Nifty index is likely to remain in the range of 49,300 to 50,400.

Parekh recommended buying or selling three stocks for Tuesday: Copran Ltd., Metropolis Healthcare Ltd., and National Aluminum Company Limited.

stock market today

On the outlook for Nifty 50 and Bank Nifty index, Parekh said, “Nifty declined significantly, losing almost 400 points to close near 23,600 zone, with the formation of a big bearish candle on the daily chart, below the important 200-period MA. Broke down from. At 23,900 levels, bias and sentiment have become very weak.”

“The index is now in a precarious position, with near-term support at the 23,500-level under threat. “The critical support at 23,300-zone needs to be held, failing which panic selling among market players may trigger,” it said. stock market expert.

“Heavy profit-booking was seen in Bank Nifty as the day progressed and it has fallen below the important support zone of 200-period MA at 50,700 levels. It has come close to the important support zone of 49,700 levels, where, on three previous occasions, it had indicated a positive reversal. A decisive breach below the 40,700 area will invite fresh intense selling pressure, turning the overall trend to bearish and the 48,500 level will be positioned as the next important support, Parekh said.

Parekh said the Nifty 50 spot today has support at 23,400 points and resistance at 23,800 points. The daily range of Bank Nifty index will be 49,300 to 50,400.

Buy or Sell Stocks by Vaishali Parekh

1. Copran Limited (Copran): buy at 215; aiming at 230; stop loss here 208.

2. Metropolis Healthcare Limited (Metropolis): buy at 2,038; aiming at 2,150; stop loss here 1,970.

3. National Aluminum Company Limited (Nationalum): buy at 200; aiming at 215; stop loss here 192.

Disclaimer: The views and recommendations expressed in this article are those of the individual analysts. These do not represent the views of the Mint. We recommend investors to check with certified experts before taking any investment decision.