Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 9

Buy or sell stocks for today: Following weakness in the Asian stock market, the Indian stock market ended lower on Monday. The Nifty 50 index finished marginally lower at 24,320, while the BSE Sensex ended 36 points southward at 79,960. The Bank Nifty index lost 234 points and closed at 52,425. Cash market volumes on the NSE were down 7 percent to ₹1.45 lakh crore. The broad market indices fell more than the frontline indices even as the advance-decline ratio fell to 0.65:1.

Vaishali Parekh's stock recommendations today

Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the overall Indian stock market bias is positive. Still, the Nifty 50 index can continue its positive move once a decisive breach above the 24,400 level is confirmed. The Prabhudas Lilladher expert said one can maintain a buy-on-dips strategy until the 50-stock index is above the 24,000 mark.

Regarding stocks to buy today, Vaishali Parekh recommended buying these three buy-or-sell stocks: Godrej Consumer Products, Mangalore Chemicals and Fertilisers, and JBM Auto.

Stock market today

On the outlook for Nifty today, Vaishali Parekh said, “Nifty has witnessed some consolidation near the 24,300 zone, halting the rally. With bias maintained positive, the index can carry on with the positive move further ahead once a decisive breach above the 24,400 level is confirmed. The important support of the 24,000 level shall be maintained intact and sustained above that, and one can anticipate further gains in the coming days.”

"The Bank Nifty index, resisting near the 53,300 zone, has slipped with some profit booking witnessed and has the near-term support at 52,000 levels, which needs to be sustained to maintain the positive bias as of now. A decisive breach above the 53,350 zone shall trigger for further rise, with a target of 55,100 level visible to regain strength," said Parekh.

Parekh went on to add that today, Nifty's immediate support is at 24,200 levels, while the resistance is at 24,500 levels. The Bank Nifty would have a daily range of 52,100 to 52,800 levels.

Vaishali Parekh's stocks to buy today

1] Godrej Consumer Products: Buy at ₹1426, target ₹1486, stop loss ₹1394;

2] Mangalore Chemicals and Fertilisers: Buy at ₹132, target ₹139, stop loss ₹129; and

3] JBM Auto: Buy at ₹2232, target ₹2340, stop loss ₹2180.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.