By Soumya Ranjan Buy or sell: Indusind Bank, Jain Irrigation Systems, and Medico Remedies are the three stocks that Vaishali Parekh suggests purchasing today.
Buy or sell stocks:
The Indian stock market ended Tuesday’s trading session lower for the third consecutive session, despite a gap-up opening. At 24,542, the Nifty 50 index closed 174 points lower. The Bank Nifty index ended 303 points lower at 55,599, while the BSE Sensex plummeted 636 points and closed at 80,737. The index with the best performance was Nifty Realty, while the one with the worst performance was Oil & Gas. In anticipation of a rate cut by the Reserve Bank of India in its next policy review, the Nifty Realty index increased by 1%. By increasing by 0.10%, the Nifty Smallcap100 index demonstrated its superior performance in comparison to the benchmark.
Today’s stock market
Since the Nifty 50 index is only above the critical support level at 24,500, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, thinks the Indian stock market trend is cautious. According to the Prabhudas Lilladher expert, the benchmark index is encountering a significant obstacle at 25,000, while the Nifty is encountering a minor one at 24,800. The index might soon hit 25,400 if it rises above 25,000.
Speaking about the Nifty 50’s outlook for today, Vaishali Parekh stated: “In the morning session, the Nifty 50 index encountered resistance close to the 24,800 zone. As the day went on, it gave in to profit booking due to weak global cues, and it closed close to the crucial support zone at the 24,500 level. The index must remain above the 24,500 zone; if it does not, the bias will become somewhat weak. The next important support position would be the important 200-period MA at the 24,050 zone. Given the impending resurgence of geopolitical tensions, the sentiment would be carefully preserved.
“With the overall bias still positive, the Bank Nifty index has been trapped within the narrow range of the 55800 and 54500 levels, eclipsing the positive development seen in the previous session. As previously stated, in order to keep the overall bias intact, the index must hold above the critical support of the 54500 level. A clear breach above the 55800 level would be necessary to break through the narrow range and anticipate a new upward move in the days ahead, Parekh stated.
According to Parekh, the Nifty’s current support is situated at 24,400, and its resistance is located at 24,800. The daily range of the Bank Nifty would be between 55,200 and 56,000.
Today’s stock recommendations from Vaishali Parekh
Vaishali Parekh suggested the following three stocks for purchase or sale today: IndusInd Bank, Jain Irrigation Systems, and Medico Remedies.
1] Medico Remedies: Buy at ₹52, Target ₹58, Stop Loss ₹49;
2] Jain Irrigation Systems: Buy at ₹60, Target ₹65, Stop Loss ₹58; and
3] Indusind Bank: Sell at ₹799, Target ₹760, Stop Loss ₹810.
Disclaimer: Times of Dalal Street does not endorse the opinions or suggestions expressed above; rather, they are the opinions of individual analysts or broking firms. Before making any investment decisions, we encourage investors to consult with qualified professionals.