As the Indian stock market navigates through a volatile phase, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. These recommendations come amidst a backdrop of market fluctuations and technical analysis of key indices.
Market Overview
On November 21, 2024, the Nifty 50 index closed at 23,349.90 points, down 0.72% from the previous session, while the BSE Sensex fell by 0.54% to close at 77,155.79 points. The Nifty is currently facing resistance around the 23,550 mark and has crucial support at the 23,200 level. Parekh notes that a decisive breach above the resistance could trigger a fresh upward movement in the coming days.
Vaishali Parekh’s Stock Picks
Here are the three stocks recommended by Vaishali Parekh for today:
1. Federal Bank Ltd (FEDERALBNK)
- Buy Price: ₹211
- Target Price: ₹220
- Stop Loss: ₹205
Federal Bank has shown resilience in its operations and is recommended for purchase at ₹211 per share. The target price is set at ₹220, with a stop loss positioned at ₹205 to manage risk.
2. Angel One Ltd (ANGELONE)
- Buy Price: ₹2,720
- Target Price: ₹2,800
- Stop Loss: ₹2,680
Angel One is another stock to watch, with a buy recommendation at ₹2,720. Investors can aim for a target price of ₹2,800 while maintaining a stop loss at ₹2,680 to safeguard against potential losses.
3. Arvind Ltd (ARVIND)
- Buy Price: ₹355
- Target Price: ₹370
- Stop Loss: ₹348
Arvind Ltd is suggested for purchase at ₹355 per share. The target price is set at ₹370, and investors should set a stop loss at ₹348 to limit downside risk.
Technical Analysis Insights
Vaishali Parekh emphasizes that the Nifty index is currently resisting near the 200-day moving average (DMA), which serves as a barrier to upward movement. For today’s trading session, she anticipates that the Bank Nifty index will likely move within a range of 49,800 to 51,000 points.Parekh advises traders to keep an eye on these critical levels as they could influence market sentiment and trading strategies.
Conclusion
Investors looking for opportunities in today’s market may find merit in Vaishali Parekh’s recommendations of Federal Bank, Angel One, and Arvind. As always, it’s essential to conduct thorough research and consider individual risk tolerance before making investment decisions.
Disclaimer
This article is intended for informational purposes only and should not be construed as financial advice. The views expressed herein are those of individual analysts and do not represent the views of Mint or any affiliated entities. Readers are encouraged to consult with certified financial advisors before making any investment decisions.
