Vaishali Parekh suggests three stocks for purchase today, January 20.

Purchase or sell stocks: Roto Pumps, NHPC, and National Aluminium Co. are the three stocks that Vaishali Parekh suggests purchasing today.

Purchase or sell stocks: On Friday, January 17, there was a lot of selling pressure on the Indian stock markets. The benchmark indices lost their three-day winning streak as the banking and IT indices saw significant sell-offs. Compared to the previous stock market closing of 23,311.80 points, the Nifty 50 index closed 0.47 percent lower at 23,203.20 points.

Compared to the previous market finish of 77,042.82 points, the BSE Sensex index closed 0.55 percent lower on Friday at 76,619.33 points.

Stocks of Vaishali Parekh to purchase now
The Nifty 50 was unable to break over the 23,300 zone, according to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, as the overall indices declined due to a decline in IT, banking, and financial services firms. According to Parekh, the Nifty 50 Spot index will encounter resistance above 23,400 points and find support at 23,000 points. It is probable that the Bank Nifty index would fluctuate between 48,100 and 49,000.

Parekh suggested Roto Pumps Ltd., NHPC Ltd., and National Aluminium Co. Ltd. as three companies to buy or sell on Monday.

Today's stock market
"The Nifty once again failed to move above the 23,300 zone amid volatility, and closed near the 23,200 levels, with IT and Banking stocks along with Financial Services losing steam, dragging down the indices," Parekh said while discussing the prognosis for the Nifty 50 and the Bank Nifty index.

As long as the crucial 23,300 and 23,500 thresholds are not crossed, the bias is still cautious in order to prove conviction. The 23,000 zone would remain the critical and significant support level that must be maintained. According to the stock market expert, "selected counters continue to operate on a rotation basis in anticipation of positive outcomes from the budget, which is due on February 1st."

The Bank Nifty saw a decline once more, failing to break over the 49,000 mark and dragging the index to end close to the 48,500 mark as most of the frontline banking stocks lost ground. The bias was kept cautious. The index must remain above the crucial 48,000 level support. Parekh stated, "Conviction for a further rise in the coming days will only be established by a decisive close above the crucial 49,700 level."

According to Parekh, the Nifty 50 Spot has resistance at 23,400 points and support at 23,000 points today. The daily range of the Bank Nifty index would be between 48,100 and 49,000.

Vaishali Parekh's stock buying and selling
Roto Pumps Ltd. (ROTO): Purchase at ₹274, aim for ₹300, and stop at ₹265.

2. Buy at ₹80.5; target at ₹84; stop loss at ₹78 for NHPC Ltd. (NHPC).

3. Buy at ₹204, target at ₹213, and stop loss at ₹198 for National Aluminium Co. Ltd. (NATIONALUM).

Disclaimer: This page contains the opinions and suggestions of individual analysts. These don't reflect Mint's opinions. Before making any financial decisions, we encourage investors to consult with qualified professionals.