Mumbai: In light of recent market fluctuations, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks for intraday trading today. The recommendations come as the Indian stock market faces bearish sentiment following a tough trading session on Tuesday.
Market Overview
On November 12, 2024, the Indian stock market experienced a significant downturn as investors shifted to a sell-on-the-rise strategy. The Nifty 50 index closed down 1.07% at 23,883.45 points, while the BSE Sensex fell by 1.03% to 78,675.18 points. This marked a notable shift in investor sentiment, with many stocks across various sectors experiencing pressure.
Key Support and Resistance Levels
- Nifty 50 Support Level: 23,600 points
- Nifty 50 Resistance Level: 24,200 points
- Bank Nifty Range: Expected to move between 50,400 and 52,000 points
Vaishali Parekh’s Stock Picks
For today’s trading session, Parekh has recommended selling the following three stocks:
- Tata Power Co. Ltd. (TATAPOWER)
- Sell Price: ₹416
- Target Price: ₹400
- Stop Loss: ₹423
- DLF Ltd. (DLF)
- Sell Price: ₹770
- Target Price: ₹750
- Stop Loss: ₹785
- Jindal Steel and Power Ltd. (JINDALSTEL)
- Sell Price: ₹889
- Target Price: ₹860
- Stop Loss: ₹900
Market Sentiment Analysis
According to Parekh, the Nifty index has faced profit booking that has pushed it near the crucial support level of 23,800 points, indicating a cautious market bias. The Bank Nifty index also showed weakness, slipping below important support levels.
Sector Performance
The recent trading session revealed that most sectors closed in the red, with significant declines in Auto, PSU & Private Banks, energy, metal, infrastructure, FMCG, and real estate sectors. However, Realty and IT stocks managed to end in positive territory.
Expert Insights
Parekh emphasizes the importance of maintaining a cautious approach in the current market environment. “For the bias to improve, a decisive breach above the 24,300 level is important to carry on with the upward move,” she noted.
Conclusion
As traders navigate through this volatile market landscape, Vaishali Parekh’s recommendations provide insight into potential selling opportunities for today. Investors are advised to remain vigilant and consider these stock picks carefully amidst changing market dynamics.
Disclaimer: The views and recommendations provided 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 advisors before making investment decisions.
