As the Indian stock market continues to navigate through fluctuations, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. With the Nifty 50 index closing below 24,000, these recommendations come at a pivotal time for traders looking for potential gains.
Current Market Overview
On November 4, 2024, the Indian stock market experienced a significant sell-off:
- Nifty 50: Closed at 23,995.35, down 1.27% from the previous close of 24,304.35.
- BSE Sensex: Closed at 78,782.24, down 1.18% from 79,724.12.
The decline was broad-based, with various sectors facing pressure. The market sentiment remains cautious as investors react to economic indicators and geopolitical developments.
Vaishali Parekh’s Stock Recommendations
Despite the bearish market conditions, Vaishali Parekh has pinpointed three stocks that show potential for growth:
1. Dredging Corporation of India Ltd (DREDGECORP)
- Buy Price: ₹1,022
- Target Price: ₹1,050
- Stop Loss: ₹1,000
Dredging Corporation is currently retesting its breakout levels with strong buying volumes. The stock is positioned well for an upward move as it continues to benefit from increased demand in the infrastructure sector.
2. Infosys Ltd (INFY)
- Buy Price: ₹1,765
- Target Price: ₹1,800
- Stop Loss: ₹1,745
Infosys has shown resilience in its performance despite broader market weakness. The stock’s recent price action indicates a bullish momentum supported by strong fundamentals and ongoing demand for IT services.
3. Hindustan Zinc Ltd (HINDZINC)
- Buy Price: ₹544
- Target Price: ₹575
- Stop Loss: ₹520
Hindustan Zinc has formed a positive technical pattern on its charts, indicating a continuation of its uptrend. The stock is well-positioned to capitalize on rising metal prices and robust demand in the industrial sector.
Market Sentiment and Outlook
Vaishali Parekh notes that the Nifty index has encountered heavy profit booking after reaching resistance near the 24,500 level, leading to a cautious sentiment among investors. The immediate support for the Nifty is now at the 23,800 mark, while resistance is observed at 24,200 points.
Bank Nifty Analysis
On the Bank Nifty front, Parekh indicates that the index has been moving within a narrow range between 51,000 and 52,000 levels. A decisive breach on either side could determine the next trend direction. The Bank Nifty’s support is near 50,400, while resistance lies at 52,000 and 52,800 levels.
Conclusion
As investors look for opportunities amidst market volatility, Vaishali Parekh’s recommendations provide targeted options for those considering entry points in Dredging Corporation of India, Infosys, and Hindustan Zinc. By focusing on fundamentally strong companies with positive technical indicators, traders can position themselves for potential gains despite broader market challenges.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not reflect the views of Mint or any affiliated entities. Investors should verify information and consult with certified experts before making any investment decisions.
