Stock Market Update: Vaishali Parekh Recommends 5th Sept

Stock Market Update: Vaishali Parekh Recommends 3 Stocks to Buy Today – 5th September

Following strong global market cues, the Indian stock market experienced significant gains on Monday (September 4). The NSE Nifty surged by 93 points to close at 19,528 levels, while the BSE Sensex climbed 240 points to reach 65,628. Additionally, the Bank Nifty index gained 142 points, concluding the day at 44,578 levels. The broader market indices outperformed key benchmarks, resulting in an advance-decline ratio of 1.69:1.

Stock market update _ September 5, 2023

SEP 05, 2023 / 09:49 AM

Index	Prices	Change	Change%
Sensex	65,775.49	147.35	+0.22%
Nifty 50	19,573.60	44.8	+0.23%
Nifty Bank	44,627.35	49.05	+0.11%

Intraday Trading Strategy for Tuesday

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Indian stock market’s prevailing bias has successfully broken the resistance barrier at 19,450. She further expressed optimism that market sentiment could turn even more bullish if Nifty crosses the hurdle at 19,600 on a closing basis. Parekh has recommended three intraday stocks for today’s trading session: Samvardhana Motherson, Borosil Renewables, and Union Bank of India.

Outlook for Nifty and Bank Nifty

Speaking about the outlook for Nifty, Parekh stated, “Nifty extended its gains above the 19,500 mark, with an improving bias surpassing the resistance level at 19,450. If Nifty decisively breaches the important hurdle at 19,600, it could signal conviction for further upward movement towards the coveted 20,000 milestone. The significant participation from broader markets supports a positive outlook for the benchmark index.”

She also commented on Bank Nifty’s performance, saying, “Bank Nifty closed above the 44,500 zone but remains within a range for an extended period. To establish a bullish trend, it needs to break decisively above the 45,000 level. The crucial support zone for the index is near 43,600, and maintaining this level is essential to sustain the positive bias.”

Key Levels for Nifty and Bank Nifty Today (September 5, 2023)

For Nifty, the immediate support is at 19,400 levels, with resistance seen at 19,700 levels. Bank Nifty is expected to trade within the range of 44,200 to 45,000 levels.

Stocks to Buy Today (September 5, 2023)

Samvardhana Motherson

Buy at ₹101.30
Target: ₹110
Stop Loss: ₹98

Borosil Renewables

Buy at ₹449
Target: ₹480
Stop Loss: ₹442

Union Bank of India

Buy at ₹88
Target: ₹95
Stop Loss: ₹86

Investors and traders should consider these recommendations from Vaishali Parekh for their trading decisions in today’s market. As always, exercise due diligence and consult with financial experts before making any investment choices.