Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks for investors to consider buying today, November 11, 2024. With the Indian stock market facing recent volatility, these recommendations come amid a cautious market sentiment.
Market Overview
The Indian stock market has been under pressure, with the Nifty 50 index recently closing lower due to significant sell-offs in major large-cap stocks such as Reliance Industries and ICICI Bank. As of the last trading session, the Nifty 50 closed at 24,148.20 points, down 0.21%, while the BSE Sensex fell to 79,486.32 points. Parekh notes that the Nifty faces resistance at 24,300 points and has important support at the 24,000 mark.
Current Market Sentiment
- Support Level: 24,000 points
- Resistance Level: 24,300 points
- Bank Nifty Range: 51,000 to 52,000 points
Parekh emphasizes that the Nifty has encountered resistance around the 24,500 zone and is currently experiencing profit booking, which has led to a cautious market approach.
Stock Recommendations
1. Exide Industries Ltd (EXIDEIND)
- Buy Price: ₹439
- Target Price: ₹425
- Stop Loss: ₹448
Exide Industries is a leading player in the battery manufacturing sector. Parekh suggests buying at ₹439 with a target price of ₹425. The stock’s technical indicators suggest potential for upward movement if it can maintain its position above key support levels.
2. Titan Co. Ltd (TITAN)
- Buy Price: ₹3,170
- Target Price: ₹3,400
- Stop Loss: ₹3,050
Titan Co., known for its jewelry and watches, has shown resilience in previous market conditions. Parekh recommends entering at ₹3,170 with a target of ₹3,400. The stock is expected to benefit from strong consumer demand and brand loyalty.
3. Tata Consumer Products Ltd (TATACONSUM)
- Buy Price: ₹994
- Target Price: ₹1,030
- Stop Loss: ₹980
Tata Consumer Products is well-positioned in the fast-moving consumer goods (FMCG) sector. Parekh advises buying at ₹994 with a target of ₹1,030. Given its robust product portfolio and market presence, the company is likely to see continued growth.
Conclusion
Investors looking for opportunities in today’s market may find value in Vaishali Parekh’s recommendations. However, it is crucial to conduct personal due diligence and consider individual risk tolerance before making 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 Prabhudas Lilladher. Investors should consult certified experts before making any investment decisions as market conditions can change rapidly.
