This news is specifically for those who invest their money in the stock market. Investors are aware that the stock market trend constantly fluctuates, so it is important to know which stock is beneficial to buy or sell. Those who regularly sell or buy shares might be familiar with the trends of the market. But those who are investing for the first time or not-so-regular investors need to know which stocks are good to buy or sell. Hence, we are sharing the recommendation of Vaishali Parekh in the context of buying or selling stocks on Thursday, 19th October 2023.
On Wednesday, 18th October, the Indian stock market trend concluded on the lower side due to the choppy and mixed trade of Asian stock markets. Yesterday, the index of Nifty collapsed by 140 points and shut down at 19,671 levels, whereas BSE Sensex was at 551 points and closed at the 65,877 mark. Besides, the Bank Nifty index concluded at 520 points and closed at 43,888 levels. The NSE saw slightly more volume than the previous standard. The advance decrease ratio dropped to a sharp 0.57:1, while the mid-cap index sank more than the Nifty. Scroll down to learn the Intraday trading strategy for Thursday.
Before buying or selling stocks, it is important to check the market trend. Investing in the stock market is a risky subject. Hence it is advisable to check the market trend or take the advice of experts. The Vice President of Technical Research at Prabhudas Lilladher, Vaishali Parekh suggested or recommended 3 stocks to purchase on Thursday, 19th October. She said that the bias on Dala Street has weakened a little bit after the downfall of Nifty on Wednesday which closed below the 19,700 level. She suggested or recommended the stocks to purchase in today’s market were Prestige Estates, Cipla and Himatsingka Seide.
She suggested buying Cipla at Rs. 1210 and asked to target it at Rs 1260 and to stop loss at Rs 1190. While suggesting the stock, Himatsingka Seide, asked to buy at Rs. 146.45 and set a target of Rs 155 and stated that if this stock went down, close it at Rs 144. Her suggestion of buying Prestige Estates stock is at Rs 732.75 and suggests the investor target the set at Rs 770 and ask to stop loss at Rs 772. Now let’s check the result of these stocks and how the market went today.
The Result Of Today’s Market
On Thursday, October 19, weak global cues led to the closing of the domestic market benchmarks, the Sensex and the Nifty 50, in the red for the second straight day. Nifty 50 closed the market at 19,612.15 down 59 points whereas Sensex went down 348 points and finished at 65,629.24. As per the reports, Top Asian coequals, including the Nikkei of Japan, Hang Seng of Hong Kong, and Shanghai Composite Index of China dropped down about 2% each, whereas in Europe, the FTSE of the UK, DAX of Germany and CAC of France drop down to a percent at the time of the trade as shareholders are still anxious over the prospects of an escalation of the Israel-Palestine war. According to Reuters, “The possibility of no rate cuts from the Fed any time soon has driven 10-year Treasury yields nearly 5%, the most in 16 years while undermining stocks.”