As the Indian stock market navigates through a challenging phase, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. This comes in light of the Nifty 50 index’s recent performance and the broader economic landscape.
Current Market Situation
The Indian stock market has experienced a decline for four consecutive days, largely influenced by global economic signals. On December 19, 2024, the Nifty 50 index closed at 23,951.70 points, down 1.02% from the previous day. The BSE Sensex also fell by 1.20%, closing at 79,218.05 points. The downturn was exacerbated by the U.S. Federal Reserve’s indication of a slower pace for rate cuts in the upcoming year.Parekh notes that the Nifty index is currently facing support at the 23,800 mark and resistance at 24,200 points. The Bank Nifty index is expected to trade within a range of 51,000 to 52,000 points.
Recommended Stocks to Buy
Vaishali Parekh has highlighted three stocks that present potential buying opportunities:
- West Coast Paper Mills Ltd. (WSTCSTPAPR)
- Buy Price: ₹578.70
- Target Price: ₹607
- Stop Loss: ₹565
- Bharat Heavy Electricals Ltd. (BHEL)
- Buy Price: ₹242.25
- Target Price: ₹254
- Stop Loss: ₹236
- Lupin Ltd. (LUPIN)
- Buy Price: ₹2,162.85
- Target Price: ₹2,250
- Stop Loss: ₹2,117
Market Outlook and Strategy
Parekh emphasizes a cautious approach as the market sentiment remains weak. She suggests that while there are opportunities for gains in specific stocks, investors should be mindful of the overall market conditions and maintain a disciplined trading strategy.
“The Nifty remains range-bound and is expected to find support at the 23,800 level,” Parekh stated.
Disclaimer
Investing in stocks involves risks and uncertainties. The recommendations provided are based on technical analysis and current market conditions; however, past performance is not indicative of future results. Investors should conduct their own research or consult with a financial advisor before making investment decisions.By focusing on these selected stocks recommended by Vaishali Parekh, investors may find potential opportunities even amidst market fluctuations.
