As the Indian stock market continues to respond to recent developments, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. With the Nifty 50 index showing a positive trend, these recommendations come at a crucial time for traders.
Current Market Overview
The Nifty 50 index has recently experienced a significant uptick, closing 1.12% higher at 24,484.05 points after the latest trading session. This surge is attributed to various factors, including market reactions to the recent U.S. presidential election results. Analysts believe this momentum could provide a short-term boost to domestic stocks.
Key Support and Resistance Levels
Vaishali Parekh estimates that the Nifty 50 index has immediate support at 24,300 points and faces resistance at 24,700 points. The Bank Nifty index is expected to trade within a range of 51,800 to 52,800 points today.
Vaishali Parekh’s Stock Picks for Today
For November 7, 2024, Parekh recommends the following stocks:
1. IFCI Ltd (IFCI)
- Buy Price: ₹59
- Target Price: ₹63
- Stop Loss: ₹57
IFCI has shown potential for growth and is positioned well for short-term gains.
2. Lloyds Engineering Works Ltd (LLOYDSENGG)
- Buy Price: ₹75.7
- Target Price: ₹82
- Stop Loss: ₹73
Lloyds Engineering Works is expected to benefit from recent market trends and could see upward movement in its stock price.
3. Castrol India Ltd (CASTROLIND)
- Buy Price: ₹218
- Target Price: ₹230
- Stop Loss: ₹213
Castrol India remains a strong player in its sector, with favorable conditions likely to drive its stock performance.
Market Outlook
Vaishali Parekh notes that the Nifty has indicated a strong pullback over the last two sessions, gaining nearly 3%, which reflects improved market sentiment. If the index can decisively move past the 24,500-point barrier, it may target levels around 25,200 points in the near term.
Bank Nifty Analysis
The Bank Nifty has been trading within a narrow range and will need to breach the resistance level of 52,500 points to trigger further upward momentum toward a target of 54,400 points, provided it maintains support around the 50,600-point level.
Conclusion
As investors look for opportunities in the current market environment, Vaishali Parekh’s recommendations provide actionable insights for those considering short-term investments. With the Nifty showing positive trends and key support levels established, these stocks may offer potential for growth in the coming days.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not reflect the views of Mint or any affiliated entities. Investors are advised to consult with certified experts before making any investment decisions as market conditions can change rapidly.
