As the Indian stock market grapples with volatility, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. Her recommendations come at a time when the Nifty 50 index is facing crucial support and resistance levels amid a cautious market sentiment.
Current Market Sentiment
The Indian equity markets experienced significant selling pressure in the previous session, with the Nifty 50 index dropping 332.25 points (1.35%) to close at 24,336. The BSE Sensex also fell by 1,064.12 points (1.30%) to settle at 80,684.45, slipping below the psychological level of 81,000. This decline is attributed to foreign capital outflows and a negative global market trend, as investors adopt a cautious stance ahead of the US Federal Reserve’s interest rate decision expected later today.Parekh notes that the Nifty has found support at the 24,200 level, while resistance is seen at 24,500. The Bank Nifty has also slipped from its resistance zone of 53,800 and will look for support around the 52,200 level.
Recommended Stocks to Buy
Here are the three stocks that Vaishali Parekh recommends for today:
RateGain Travel Technologies
- Buy Price: ₹741.90
- Target Price: ₹775
- Stop Loss: ₹725
Aster DM Healthcare
- Buy Price: ₹488
- Target Price: ₹514
- Stop Loss: ₹476
National Fertilizers Ltd
- Buy Price: ₹125.50
- Target Price: ₹135
- Stop Loss: ₹122
Technical Analysis Insights
Parekh emphasizes that the Nifty index has been facing resistance near the 24,750 zone and recently broke below the important 50-day exponential moving average (50 EMA) level of 24,450. This shift has weakened overall market sentiment and led to a more cautious approach among investors.For Bank Nifty traders, she highlights that a decisive breach above the 53,850 zone is necessary to confirm any potential breakout in the coming days.
Conclusion and Disclaimer
Investors are encouraged to conduct thorough research or consult with financial advisors before making investment decisions based on these recommendations. The stock market carries inherent risks, and past performance is not indicative of future results.
