Indian Stock Market Outlook: Vaishali Parekh Recommends Three Stocks to Buy Today
Indian Stock Market Sees Trend Reversal, Experts Weigh In
The Indian stock market witnessed a significant trend reversal on Wednesday, with the Nifty50 index finishing 77 points higher at 24,620 and the BSE Sensex ending 260 points higher at 80,998. This shift comes after three consecutive sessions of losses.
Market Performance and Outlook
The market breadth remained positive for the third consecutive day, with a BSE advance-decline ratio of 1.10. The Nifty Midcap100 Index rose by 0.71%, while the Nifty Small-cap100 Index advanced by 0.79%. According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the Indian stock market bias is cautious to positive as the Nifty50 index sustains above 24,500.
Key Levels and Resistance
Parekh noted that the benchmark index faces a minor hurdle at 24,800, while the 50-stock index is facing crucial resistance at 25,000 levels. A decisive breach above this resistance could see the key index touch 25,400 soon. On the other hand, immediate support for Nifty today is placed at 24,500.
Bank Nifty Outlook
The Bank Nifty has been witnessing sluggish movement within a narrow band. Parekh believes it needs a decisive breach above the 55,800 zone to give a breakout above the tight range and expect a fresh move on the upside. The daily range for Bank Nifty is expected to be between 55,300 to 56,200.
Stocks to Buy Today
Vaishali Parekh recommended buying three stocks:
- Belrise Industries: Buy at ₹97, Target ₹105, Stop Loss ₹95;
- TVS Supply Chain Solutions: Buy at ₹132, Target ₹140, Stop Loss ₹128;
- NALCO: Buy at ₹182, Target ₹190, Stop Loss ₹179.
Conclusion and Future Outlook
The Indian stock market’s trend reversal has brought cautious optimism among investors. With the RBI policy expected in the coming sessions, there is anticipation of a major move on the positive side. Investors are advised to keep a close watch on key levels and resistance points to make informed decisions.
