Bengaluru: In a recent analysis of the Indian stock market, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. Following a relief rally that ended a five-day losing streak, the market outlook appears optimistic.
Market Overview
On December 23, 2024, the Indian stock market indices rebounded significantly:
- Nifty 50: Closed up 0.7% at 23,753.45 points
- BSE Sensex: Increased by 0.64%, finishing at 78,540.17 points
The Nifty 50 index is currently supported at the 23,600 mark and faces resistance at 24,000 points. Parekh emphasizes that for a sustained upward trend, the index must decisively close above the 24,000 zone.
Vaishali Parekh’s Stock Recommendations
Here are the three stocks that Vaishali Parekh recommends for today:
- Bharat Heavy Electricals Ltd (BHEL)
- Buy Price: ₹240.95
- Target Price: ₹252
- Stop Loss: ₹234
- Torrent Power Ltd (TORNTPOWER)
- Buy Price: ₹1,551.35
- Target Price: ₹1,620
- Stop Loss: ₹1,520
- Jubilant FoodWorks Ltd (JUBLFOOD)
- Buy Price: ₹691.65
- Target Price: ₹725
- Stop Loss: ₹678
Technical Analysis and Market Sentiment
Vaishali Parekh notes that the Nifty has shown signs of a small pullback relief amid some volatility. The index needs to move past the important 200-period moving average (MA) of around 23,850 to improve the market bias further.
Key Levels:
- Support Level: 23,600 points
- Resistance Level: 24,000 points
The Bank Nifty index is also expected to trade within a range of 51,000 to 51,900, with a focus on maintaining momentum above these levels.
Conclusion
With positive momentum in the Indian stock market and specific recommendations from Vaishali Parekh, investors have an opportunity to capitalize on potential gains from these selected stocks today. However, it is crucial to adhere to stop-loss levels to manage risk effectively.
Disclaimer
The views expressed in this article are those of individual analysts or broking companies and do not reflect the views of Prabhudas Lilladher. Investors are advised to conduct their own research or consult with certified financial advisors before making investment decisions.
