Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has recommended three stocks for investors to consider on November 12, 2024. These selections come amid a stable yet cautious market environment, where the Nifty 50 index is navigating critical support and resistance levels.
Market Overview
The Indian stock market experienced a flat closing on November 11, with the Nifty 50 index dipping by 0.11% to settle at 24,122 points. Meanwhile, the BSE Sensex saw a slight uptick of 0.08%, closing at 79,496 points. The Nifty Bank index performed relatively better, finishing 0.49% higher at 51,812 points.
Nifty and Bank Nifty Analysis
Vaishali Parekh identified crucial levels for the Nifty 50:
- Support: 23,900 points
- Resistance: 24,400 points
For the Bank Nifty index, she noted a potential trading range between 51,000 and 51,300 points, indicating a cautious but positive outlook if these levels are maintained.
Technical Insights
Parekh observed that the Nifty has been trading in a range between 24,000 and 24,350 points, maintaining an overall positive bias as long as it holds above the support zone near 23,800–24,000 levels. A failure to sustain these levels could lead to increased selling pressure.
Bank Nifty Outlook
The Bank Nifty has shown resilience with a recent upward movement towards 52,000 points, but it faces resistance near the 52,200 zone. For sustained upward momentum, it is essential for the index to breach this resistance while maintaining support above 51,200 points.
Recommended Stocks
1. Zomato Ltd. (ZOMATO)
- Buy Price: ₹257
- Target Price: ₹270
- Stop Loss: ₹248
- Analysis: Zomato is positioned well for growth as it continues to expand its market share in the food delivery sector. The stock shows potential for upward movement based on recent trading patterns.
2. Jindal Steel and Power Ltd. (JINDALSTEL)
- Buy Price: ₹909
- Target Price: ₹940
- Stop Loss: ₹890
- Analysis: Jindal Steel has demonstrated strong fundamentals and operational efficiency. The current price level offers a good entry point for investors looking to capitalize on its growth trajectory.
3. Manappuram Finance Ltd. (MANAPPURAM)
- Buy Price: ₹154
- Target Price: ₹160
- Stop Loss: ₹149
- Analysis: Manappuram Finance is well-positioned in the financial services sector with robust growth prospects. The stock’s current valuation makes it an attractive buy for investors.
Conclusion
Investors are advised to consider these recommendations while remaining vigilant about market conditions and individual risk tolerance. As always, consulting with financial experts before making any investment decisions is prudent.
Disclaimer: The views and recommendations expressed in this article are those of individual analysts and do not represent the views of Mint or Prabhudas Lilladher. Investors should conduct their own research or consult with certified financial experts before making any investment decisions as market conditions can change rapidly and individual circumstances may vary.
