As the Indian stock market continues its upward trajectory, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. Following a strong performance in the market, these recommendations come at a pivotal time for traders looking to capitalize on potential gains.
Market Overview
The Indian stock market indices have shown significant strength, with the Nifty 50 index closing 1.88% higher at 24,188.65 points on January 2, 2025. The BSE Sensex also experienced a robust increase of 1.83%, finishing at 79,943.71 points. This positive momentum was largely driven by gains in the IT and auto sectors, indicating a bullish sentiment among investors.
Nifty 50 Support and Resistance Levels
According to Vaishali Parekh, the Nifty 50 index currently has support at the 24,000 mark and faces resistance at 24,400 points. The recent breach of the 200-period moving average (MA) at 23,900 has improved market sentiment significantly. Parekh anticipates further upward movement in the coming days as frontline stocks gain momentum.
Vaishali Parekh’s Stock Recommendations
Here are the three stocks that Vaishali Parekh recommends for today:
1. Tata Consumer Products Ltd. (TATACONSUM)
- Buy Price: ₹927
- Target Price: ₹960
- Stop Loss: ₹900
Tata Consumer Products is well-positioned in the FMCG sector, benefiting from strong brand recognition and expanding product lines.
2. Samvardhana Motherson International Ltd. (MOTHERSON)
- Buy Price: ₹158
- Target Price: ₹165
- Stop Loss: ₹153
Samvardhana Motherson operates in the automotive components sector and is expected to see growth due to rising demand for vehicles.
3. Chennai Petroleum Corporation Ltd. (CHENNPETRO)
- Buy Price: ₹632
- Target Price: ₹680
- Stop Loss: ₹600
Chennai Petroleum is a key player in the oil refining sector and could benefit from favorable market conditions and increased energy demand.
Conclusion
With the Indian stock market displaying strong bullish trends and positive sentiment among investors, Vaishali Parekh’s recommendations provide valuable insights for those looking to make informed trading decisions today. Monitoring these stocks closely while adhering to suggested entry points and stop-loss levels can help traders navigate this dynamic market effectively.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult with a financial advisor before making investment decisions. Investments in securities are subject to market risks; read all related documents carefully before investing.
