As the Indian stock market continues to grapple with volatility, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks to consider for today. With the Nifty 50 index facing critical support and resistance levels, investors are keen to understand which stocks might offer potential gains.
Market Overview: A Challenging Environment
The Indian stock market has seen a downturn, closing lower for the fifth consecutive session on November 13. The Nifty 50 index fell by 1.36%, settling at 23,559.05 points, while the BSE Sensex dropped by 1.25% to close at 77,690.95 points. This decline is attributed to weak global trends, a rising dollar index, and increased selling pressure from foreign investors.Vaishali Parekh notes that the Nifty has corrected over 10% from its peak of 26,277 points and is currently testing significant support levels. She estimates that the Nifty 50 has support at 23,300 points and resistance at 23,800 points. The Bank Nifty index is expected to move within a range of 49,500 to 50,700 today.
Vaishali Parekh’s Stock Recommendations
In light of the current market conditions, Parekh recommends the following three stocks for potential buying opportunities:
- Marksans Pharma Ltd (MARKSANS)
- Buy Price: ₹305
- Target Price: ₹320
- Stop Loss: ₹295
- Deep Industries Ltd (DEEPINDS)
- Buy Price: ₹483
- Target Price: ₹500
- Stop Loss: ₹470
- Alkem Laboratories Ltd (ALKEM)
- Buy Price: ₹5,571
- Target Price: ₹5,850
- Stop Loss: ₹5,400
Technical Analysis and Market Sentiment
Parekh emphasizes that the Nifty’s recent performance indicates a bearish trend, with the potential for further declines if it breaches critical support levels. She highlights that a breach below the 200-day moving average could signal a more pronounced weakness in market sentiment.The Bank Nifty’s recent movements also reflect bearish tendencies, with significant support lying at the 200-period moving average around 49,700 points. Investors should remain cautious and monitor these levels closely as they navigate their trading strategies.
Conclusion: Strategic Insights for Traders
With the market facing headwinds, Vaishali Parekh’s recommendations provide a focused approach for investors looking to capitalize on specific opportunities amidst broader volatility. Marksans Pharma, Deep Industries, and Alkem Laboratories represent potential buys based on their current valuations and market dynamics.
Disclaimer
The views and recommendations expressed in this article are based on insights from Vaishali Parekh and do not necessarily reflect the opinions of Prabhudas Lilladher or this publication. Investors are encouraged to conduct their own research and consult with certified financial advisors before making any investment decisions.
