Buy or sell: Prabhudas Lilladher's Vaishali Parekh advises two stocks to buy today

  • Sept. 19, 2022, 1:26 p.m.

Stocks to buy or sell today: Following a heavy sell-off on Friday, the Nifty 50 index broke through its strong support level of 17,770 and logged a more than 1.5 percent weekly loss last week.This heavy sell-off was mainly caused by weak US CPI data that triggered a 100 bps interest rate hike at the upcoming Fed meeting this week. This US Fed interest rate hike has fueled the dollar index as the index has surged to the tune of 110 levels, taking strong support at the 108 mark. Vaishali Parekh, Vice President-Technical Research at Prabhudas Lilladher Prabhudas Lilladher believes that the Nifty's current sell-off may bottom out around 17,250 to 17,300 levels.

Vaishali Parekh's recommendations

Speaking on the Nifty technical outlook, Vaishali Parekh of Prabhudas Lilladher said, "Nifty tanked further heavily, indicating two long bearish candle patterns on the daily chart to also turn down the weekly trend, turning the overall bias a little bit cautious and sentiment turning weak. The levels of 17250-17300 are the near-term support visible where the index should stabilise out and is anticipated to bottom out near that zone. "

The Prabhudas Lilladher expert went on to add, "Bank Nifty also eroded its gains to slip below the 41,000 with profit booking witnessed but has managed to maintain the weekly trend with some of the frontline banking stocks still looking in the positive bias zone. However, the support for the day is seen at 17,400 while the resistance is seen at 17,700. Bank Nifty would have a daily range of 40,200 to 41,200 levels. "

Buy or sell stocks for today.

Speaking on stocks to buy or sell today, Vaishali Parekh recommended two banking stocks — IndusInd Bank and Axis Bank — to buy today.

Here we list out details with regard to Prabhudas Lilladher's stock recommendations:

1] IndusInd Bank: Buy at 1227 with a target of 1275 and a stop loss of 1200; and

2] Axis Bank: Buy at 789 with a target of 830 and a stop loss of 775. 

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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