As the Indian stock market continues to experience fluctuations, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. This comes after a week marked by profit booking and a strengthening US dollar, which affected various sectors.
Market Snapshot
On January 5, 2025, the Nifty 50 index closed at 24,004.75 points, down 0.76% from the previous session. The BSE Sensex also saw a decline of 0.90%, closing at 79,223.11 points. Parekh noted that the Nifty found resistance near the 24,200 mark after a strong pullback and anticipates that the index will find support at 23,800 points while facing resistance at 24,250 points.
Recommended Stocks to Buy
Vaishali Parekh has recommended the following three stocks for today:
- Britannia Industries Ltd. (BRITANNIA)
- Buy Price: ₹4,836
- Target Price: ₹4,950
- Stop Loss: ₹4,750
- RBL Bank Ltd. (RBLBANK)
- Buy Price: ₹162
- Target Price: ₹166
- Stop Loss: ₹157
- HDFC Life Insurance Co. Ltd. (HDFCLIFE)
- Buy Price: ₹623
- Target Price: ₹660
- Stop Loss: ₹605
Technical Analysis Insights
Parekh highlighted that the Nifty index is expected to rise in the coming days due to a cautiously positive sentiment in the market. He emphasized that sustaining above the crucial support level at 23,800 is essential for maintaining an overall bullish bias. On the upside, a decisive breach of the resistance near the 50-day exponential moving average (EMA) at around 24,200 could lead to further upward momentum.The Bank Nifty index is projected to operate within a range of 50,600 to 51,700 points today.
Conclusion
Investors looking for potential opportunities in today’s market may find value in Vaishali Parekh’s recommended stocks. As always, it is prudent to conduct thorough research and consider personal risk tolerance before making investment decisions.
Disclaimer
The recommendations provided in this article are based on market analysis by Vaishali Parekh and do not constitute financial advice from the author or publication. Investors are encouraged to consult with certified financial advisors before making any investment decisions.
