Expert Picks: Vaishali Parekh Recommends These 3 Stocks to Buy Now

Indian Market Rebounds Despite Global Sell-Off

The Indian stock market experienced a turbulent day on Thursday, mirroring the global sell-off triggered by the US stock market’s decline. All three major Wall Street indices suffered their biggest daily losses in a month, leading to intense selling pressure on the Indian stock market.

Indices Take a Hit

The Nifty 50 index dropped 203 points to close at 24,609, while the BSE Sensex plunged 644 points to finish at 80,951. The Bank Nifty index also saw a decline, ending 133 points lower at 54,941.

The sell-off was broad-based, with the Nifty Midcap100 and Smallcap100 indices losing 0.5% and 0.3%, respectively. All sectoral indices ended in the red, with FMCG and IT being the worst performers, each shedding over 1%.

Positive Outlook Despite Volatility

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian market’s overall bias remains positive. She pointed out that the Nifty 50 closed above the crucial support level of 24,500, indicating resilience. The 200-period moving average, around 24,000, is the next key support level to watch.

Nifty 50 Outlook

Parekh said, “The Nifty 50, after a gap-down opening session, witnessed a volatile session and breached below the crucial support of 24,500 zone but managed to recover in the final hours to close the session near 24,600 level with bias still maintained positive overall. The index would need to sustain above the 24,500 zone; failing which, the next crucial support would be the 200 period MA at around the 24,000 level. On the upside, a decisive breach above the 25,000 zone is necessary to trigger a fresh upward move in the coming days.”

Bank Nifty Remains Cautious

Parekh noted that the Bank Nifty index is currently hovering around the 55,000 zone, lacking a clear directional movement. It is trapped between the levels of 55,700 and 54,400, and a breakout on either side is needed to initiate a fresh trend. The overall bias for the Bank Nifty remains cautiously positive, with most frontline banking stocks consolidating their positions.

Vaishali Parekh’s Stock Recommendations

Vaishali Parekh recommends the following three stocks for purchase today:

1. Rainbow Children’s Medicare

Buy at ₹1350, Target ₹1420, Stop Loss ₹1320

2. Clean Science and Technology

Buy at ₹1314, Target ₹1400, Stop Loss ₹1260

3. GMR Airports

Buy at ₹88, Target ₹96, Stop Loss ₹85