Current Market Conditions
The benchmark indices of the Indian stock market, including the Sensex and Nifty 50, ended higher after the special Muhurat Trading session on Friday, November 1. The Nifty 50 closed 0.41% higher at 24,304.35 points, while the BSE Sensex rose 0.42% to 79,724.12 points. This upward movement reflects a positive sentiment in sectors such as Nifty Auto, Nifty Realty, Nifty Oil & Gas, and Nifty PSU Bank.
Key Support and Resistance Levels
According to Parekh, the Nifty 50 index has established a support level at 24,100 points and faces resistance at 24,500 points. The Bank Nifty is expected to trade within the range of 51,200 to 52,000 points today.
Recommended Stocks to Buy
Vaishali Parekh has pinpointed three stocks that show promise for today’s trading:
1. Ramco Cements Ltd (RAMCOCEM)
- Buy Price: ₹891
- Target Price: ₹908
- Stop Loss: ₹880
Ramco Cements has demonstrated robust performance in recent sessions, making it a strong candidate for investment.
2. Oil and Natural Gas Corporation Ltd (ONGC)
- Buy Price: ₹270
- Target Price: ₹283
- Stop Loss: ₹263
ONGC remains a key player in the oil and gas sector and is expected to benefit from rising crude prices.
3. KPI Green Energy Ltd (KPIGREEN)
- Buy Price: ₹810
- Target Price: ₹840
- Stop Loss: ₹795
KPI Green Energy is positioned well within the renewable energy sector, which is gaining traction amid global shifts towards sustainable energy sources.
Market Outlook
Parekh has noted that while the Nifty has gained some momentum recently, there is still a cautious approach due to a lower top formation on the daily chart. If the crucial support level at 24,000 points is breached, it could lead to further downward movement in the index. Conversely, maintaining levels above this support could signal potential upward momentum.
Bank Nifty Analysis
The Bank Nifty index is hovering near the critical 51,700 zone, with an important 50 EMA level nearby. A decisive breach below 51,200 points could trigger further declines and shift market sentiment towards bearishness.
Conclusion
In conclusion, Vaishali Parekh’s recommendations for Ramco Cements, ONGC, and KPI Green Energy provide investors with actionable insights in a cautious market environment. As always, it is advisable for investors to conduct their own research or consult with certified financial experts before making any investment decisions.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of Mint or any affiliated entities. Investors should verify information and consult with certified experts before making any investment decisions.
