On November 29, 2024, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has recommended three stocks to buy that investors should consider. Here’s an in-depth look at her insights and the current market conditions.
Market Overview
The Indian stock market faced a significant downturn on November 28, with the Nifty 50 index closing down by 1.49% at 23,914.15 points and the BSE Sensex dropping by 1.48% to settle at 79,043.74 points. This decline was driven by weak global trends and substantial profit booking in heavyweight stocks like Reliance Industries and HDFC Bank.Currently, the Nifty 50 index is encountering resistance at 24,100 points and has support at 23,700 points. Parekh advises that traders should adopt a cautious approach as market sentiment appears to be shifting.
Vaishali Parekh’s Stocks to Buy
- Canara Bank Ltd. (CANBK)
- Recommendation: Buy
- Entry Price: ₹103
- Target Price: ₹108
- Stop Loss: ₹100
- Jupiter Wagons Ltd. (JWL)
- Recommendation: Buy
- Entry Price: ₹493
- Target Price: ₹510
- Stop Loss: ₹480
- Rashtriya Chemicals & Fertilizers Ltd. (RCF)
- Recommendation: Buy
- Entry Price: ₹172
- Target Price: ₹180
- Stop Loss: ₹165
Technical Analysis Insights
Parekh highlights that the Nifty has recently faced resistance near the 24,350 zone, leading to a pullback below the 24,000 mark due to profit booking. She emphasizes that maintaining above the support level of 23,500 points is crucial; otherwise, a bearish trend may develop.For the Bank Nifty index, Parekh notes that it has been struggling against resistance near the 52,550 zone, with potential movement expected within a range of 51,500 to 52,500 points.
Conclusion
Investors looking for promising opportunities in today’s market should consider Vaishali Parekh’s recommendations for stocks to buy. With specific entry points and targets outlined for each stock, these insights can help traders make informed decisions amidst fluctuating market conditions.
Disclaimer: The views and recommendations provided in this article are those of individual analysts. Investors are advised to consult with certified experts before making any investment decisions.
