Current Market Overview
On October 29, 2024, the benchmark indices, Sensex and Nifty 50, experienced a significant rebound. The Nifty 50 closed 0.52% higher at 24,466.85 points, while the BSE Sensex rose 0.45% to 80,369.03 points. This recovery was primarily driven by strong performances from major companies such as Reliance Industries and HDFC Bank.Vaishali Parekh noted that the Nifty has established support at 24,350 points and faces resistance around 24,650 points. The Bank Nifty is expected to move within a range of 51,800 to 53,000 points today.
Recommended Stocks to Buy
- Indian Oil Corporation Ltd (IOC)
- Buy at: ₹144
- Target Price: ₹155
- Stop Loss: ₹140
Indian Oil Corporation remains a strong player in the energy sector, benefiting from stable demand and favorable government policies.
- Coal India Ltd (COALINDIA)
- Buy at: ₹445
- Target Price: ₹480
- Stop Loss: ₹435
As one of the largest coal producers in the world, Coal India is poised to capitalize on increasing energy demands and infrastructure development.
- GMR Airports Infrastructure Ltd (GMRINFRA)
- Buy at: ₹79
- Target Price: ₹85
- Stop Loss: ₹76
GMR Airports Infrastructure is strategically positioned to benefit from the recovery in air travel and ongoing airport expansions.
Market Sentiment and Technical Analysis
Parekh emphasizes that the Nifty has shown consolidation while maintaining support near the 24,100 zone, indicating a bullish sentiment in the market. The index’s ability to breach the 24,700 zone decisively could lead to further upward movement toward the next target of 25,200 levels.The Bank Nifty has also demonstrated strength, closing above the significant 52,000 zone, with potential targets reaching up to 53,500 levels.
Conclusion
With positive momentum in the Indian stock market and strategic recommendations from Vaishali Parekh, investors may find opportunities in Indian Oil Corporation, Coal India, and GMR Airports Infrastructure. As always, it is crucial for investors to conduct their own research and consider market conditions before making any trading decisions. Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of this publication. Investors are advised to consult with certified experts before making any investment decisions.
