As the Indian stock market continues to experience volatility, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks to consider for today’s trading session. With the Nifty 50 index slipping below the 24,700 mark, market sentiment remains cautious.
Current Market Overview
The Indian stock market has been under pressure, closing lower for the fifth consecutive session. On October 25, 2024, the Nifty 50 index fell by 218 points, ending at 24,180, while the BSE Sensex dropped 662 points to close at 79,402. The Nifty Bank index also saw a significant decline, finishing 744 points lower at 50,787. This trend reflects a broader weakness in market sentiment following diverging global cues amid the ongoing Q2 earnings season.
Stocks to Buy Today
Vaishali Parekh has recommended the following three stocks for investors looking to make strategic purchases:
- Indian Hotels Company
- Buy Price: ₹690
- Target Price: ₹720
- Stop Loss: ₹678
Indian Hotels Company has shown resilience in the hospitality sector and is well-positioned to benefit from a recovery in travel and tourism.
- Kansai Nerolac Paints
- Buy Price: ₹279
- Target Price: ₹292
- Stop Loss: ₹271
As a leader in the paints industry, Kansai Nerolac is expected to capitalize on increased demand for home and industrial renovations.
- Lupin
- Buy Price: ₹2,156
- Target Price: ₹2,240
- Stop Loss: ₹2,100
Lupin’s strong pipeline of pharmaceutical products and ongoing research initiatives make it a compelling buy in the healthcare sector.
Market Sentiment and Outlook
Parekh noted that the Nifty 50 index has crucial support at 23,700, and stability will only return if it breaks above the 24,700 resistance level. The Bank Nifty index has also slipped below support at 51,000, with the next significant support level at 50,400.Parekh emphasized that the market bias remains weak as long as these indices do not regain their footing. “The sentiment has been shattered and would need a decent revival moving above the 24,700 zone to bring conviction and some stability,” she stated.
Conclusion
Investors should approach today’s trading with caution while considering Parekh’s recommendations for potential gains. As always, it’s essential to conduct thorough research and consult with financial advisors before making investment decisions.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or brokerage firms and do not constitute financial advice. Investors are advised to consult certified experts before making any investment decisions.
