- The Indian stock market closed lower for the third consecutive session, influenced by weak global cues.
- Market indices such as the Nifty 50 and BSE Sensex saw notable declines, with the Nifty 50 closing at 22,888 and the BSE Sensex at 75,170.
- Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, provided insights into the market’s current sentiment and key support and resistance levels.
Stay updated with the latest stock market trends and expert recommendations to make informed investment decisions.
Vaishali Parekh’s Stocks to Buy Today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that the overall Indian stock market sentiment is cautiously optimistic despite the Nifty 50 index swinging between the 22,850 to 23,000 closing range. The Prabhudas Lilladher expert said the 50-stock index has crucial support at the 22,780 to 22,800 mark. Vaishali noted that market bias would tune positively once the Nifty 50 index breaches its hurdle placed at 23,100 on a closing basis.
Stock Market Outlook for Today
On the outlook for Nifty today, Vaishali Parekh said, “The Nifty 50 index witnessed a volatile session swinging between 22,850 and 23,000 levels, with the overall bias maintained cautiously positive. We need to watch and wait for further developments to settle down. As said earlier, Nifty has the crucial support of 22,780 to 22,800 levels, while on the upper side, it needs to breach the 23,100 zones decisively for the bias to turn positive and establish some conviction.”
Bank Nifty Analysis
“The Bank Nifty index has a crucial support zone near 49000 levels, while 49700 levels on the upper side are the resistance barriers that must be crossed for a further upward move. As of now, the overall bias and sentiment would be maintained with a cautious approach, with volatility expected at regular intervals,” said Parekh.
Buy or Sell Stocks
1] Sun TV: Buy at ₹660, target ₹720, stop loss ₹630;
2] HUL: Buy at ₹2395, target ₹2600, stop loss ₹2300; and
3] HDFC Life: Buy at ₹578, target ₹630, stop loss ₹550.
Conclusion
In conclusion, the Indian stock market is currently in a state of cautious optimism, with key indices showing volatility. Investors should keep an eye on the critical support and resistance levels mentioned by experts like Vaishali Parekh. By staying informed and making strategic decisions, investors can navigate the market’s ups and downs effectively.
