Vaishali Parekh’s Three Stock Recommendations for Buying or Selling on October 3
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Written by Sanjay Kumar
After the US shutdown was averted, Wall Street traded mixed, but Nasdaq witnessed a 0.67% rise during Monday’s deals. As the Indian stock market was closed on October 2nd for Mahatma Gandhi Jayanti, Dalal Street is expected to react to the US shutdown news during early morning deals on Tuesday (October 3). Last Friday, the Nifty 50 index gained 114 points and closed at 19,638 levels, the BSE Sensex went up 320 points and closed at 65,828, while Bank Nifty gained 283 points and closed at 44,584 levels.
Intraday Trading Strategy for Tuesday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the pullback in the Indian stock market on Friday last week has improved the market bias as the Nifty 50 index managed to sustain above the 19,500 support zone. Parekh’s expert analysis suggests that the relief rally witnessed on Friday’s session may become a fresh bull trend on Dalal Street once Nifty closes above the 19,850 resistance zone. Vaishali Parekh recommended three intraday stocks for today: GNFC, IGL, and National Aluminium.
On Nifty 50 today, Vaishali Parekh said, “Nifty staged a pullback recovery after the heavy erosion witnessed in the previous session from the 19,500 zone to touch the 19,720 levels during the intraday session to slightly improve the bias and ease out the panic sentiment to some extent. Further ahead, the levels of 19,500 would be a crucial support zone, whereas on the upside, a decisive breach above 19,850 is necessary to overall improve the bias.”
“Bank Nifty also witnessed a recovery but once again was not able to cross above the 44,800 zone of the important 50EMA level and closed near the 44,600 zone with some profit booking in the final hours. As mentioned earlier, the index would have the major support zone of 43,600 levels where it should sustain and witness some stability,” said Parekh, adding, “The support for the day is seen at 19,500 levels while the resistance is seen at 19,750 levels. Bank Nifty would have the daily range of 44,300 to 45,000 levels.”
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Stocks to Buy Today
As mentioned above, Vaishali Parekh has recommended three intraday stocks for today. Here are the full details regarding those day trading stocks:
Investors and traders can consider these stocks for their intraday trading strategies on October 3, 2023, based on Vaishali Parekh’s recommendations.
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