Buy or Sell: Vaishali Parekh Recommends Buying These 3 Stocks Today – September 6
Written by Sanjay Kumar
On Tuesday (September 5), amid encouraging domestic macroeconomic data, domestic benchmark equity indices ended in the green for a third consecutive session.
The 30-share BSE Sensex closed higher by 152.12 points or 0.23% at the 65,780.26 level, while the Nifty also closed at 19,574.90 level, up 46.10 points or 0.24%.
India’s services activity continued to expand in August, albeit at a slower pace than in July. The services Purchasing Managers’ Index (PMI) fell to 60.1 in August from the 62.3 recorded in July, according to data released by S&P Global on Tuesday (September 5).
Mid-caps and small-caps outperformed the blue-chips, setting new highs. The Nifty Midcap 100 index gained a percent to hit an all-time high, riding past the 40,000-mark on Tuesday (September 5), led by strong bullish momentum in midcap stocks.
The Nifty PSU Bank index hit a record high of 4,722, up 1%. Nifty Media jumped 3.19%, followed by Nifty healthcare, which rose 1.55%, Nifty Pharma gaining 1.10%, and Nifty Realty rising by 1.06%.
Nifty FMCG, Nifty IT, Nifty Media, and Nifty Metal gained 0.5% to 0.7%, while Nifty Bank (down 0.10%), Nifty Auto (down 0.01%), and Nifty Financial Services (down 0.17%) saw some declines.
However, foreign institutional investors (FIIs) extended their selling spree and offloaded ₹1,725.11 crores, while domestic institutional investors (DIIs) remained buyers for the 13th straight session and invested ₹1,077.86 crores.
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Stock Market Update – September 6 – 9:20 AM
| Index | Prices | Change | Change% |
| Sensex | 65,750.29 | -29.97 | -0.05% |
| Nifty 50 | 19,570.10 | -4.8 | -0.02% |
| Nifty Bank | 44,479.30 | -52.85 | -0.12% |
Market Analysis:
“Domestic equities closed positively for the third consecutive day led by optimistic domestic cues. Services PMI data came in strong at 60.1 for the month of August, boosting sentiments. Despite weak global markets, Nifty opened positive and traded in a narrow range to finally close with gains of 46 points (+0.2%) at 19,575 levels.
The broader market outperformed with Midcap100/Smallcap100 up 1.1%/0.8%. Except for Auto and Financials, all sectors gave positive returns with media rallying more than 3% while Healthcare gained 1.6%. Going ahead, the market would continue trading in a broader range with a positive bias as a resilient domestic economy provides strength, amidst uncertain global cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Day Trade Guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s Session:
Parekh said Nifty is slowly and steadily picking up and has almost reached the 19,600 zone, which is an important hurdle and needs to be breached decisively to bring conviction for further movement of the index, anticipating a re-test of the 20,000 landmarks in the coming days. The participation from the broader markets continues to be significant, with mid-cap and small-cap indices marching ahead with a strong trend maintained, which is essential to support the index for its upward journey.
Bank Nifty, on the other hand, remained sluggish with a narrow range-bound movement, hovering near the significant 50EMA level of 44,500 zones for quite some time, according to Parekh.
“For the index, as said earlier, it would need to breach above the 44,800-45,000 zone decisively to establish conviction for the overall trend to turn positive and anticipate further rise in the coming days. The support for the day is seen at 19,500 levels while the resistance is seen at 19,700 levels. BankNifty would have a daily range of 44,200-45,000 levels,” said Parekh.
Vaishali Recommends Buying the Following Stocks:
- Buy Central Depository Services (India) Ltd (CDSL) at ₹1,225 with a stop loss of ₹1,205 and a target price of ₹1,300.
- Buy Aditya Birla Fashion and Retail Ltd at ₹230.90 with a stop loss of ₹226 and a target price of ₹247.
- Buy Redington Ltd at ₹163.40 with a stop loss of ₹161 and a target price of ₹172.
Nifty Spot Index:
- Support – 19,500/19,450
- Resistance – 19,700/19,750
Bank Nifty Spot Index:
- Support – 44,200/44,150
- Resistance – 45,000/45,050
Please note that stock market investments carry risks, and it’s essential to do your own research or consult a financial advisor before making any investment decisions.
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