Stock to Buy 5 September: Regarding stocks to buy today, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has recommended three stocks, which include Bharat Forge, Ambuja Cement and Apollo Tyres. Regarding Nifty today, Vaishali Parekh said that after continuous gains in Nifty, it faced resistance around 25,300 level. This led to profit booking and reversed the daily trend after 13 sessions.
Parekh told Live Mint that Bank Nifty has been relatively sluggish. It too has slipped from the 51,750 level due to profit booking. He said that near-term support remains around the crucial 50EMA level of 50,900.
Vaishali Parekh for outlook on Nifty 50 and Bank Nifty index said, “The index will have crucial near term support of 25,000 levels which needs to be maintained to keep the overall sentiment and bias intact. At the same time, the daily range for Bank Nifty will be 51,000-51,800 levels.”
Wednesday’s situation: The Sensex opened with a massive 710 points drop at 81,845.50 and remained in the red zone throughout the session, touching a low of 81,833.69 during the day. Similarly, the Nifty 50 began the day at 25,089.95, lower than its previous close of 25,279.85, and fell to 25,083.80 during the day.
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Bet on these stocks today
Bharat Forge: Buy at Rs 1,605 for a target of Rs 1,660. Keep a stop loss at Rs 1,570.
Ambuja Cements: Buy at Rs 627, target Rs 645 and don’t forget to place a stop loss at Rs 618.
Apollo Tyres: Buy at Rs 509, target at Rs 530 and stop loss at Rs 495.
(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own and not of anytv. Investing in the stock market is subject to risks and consult your advisor before investing.)
