“Top 3 Stocks to Buy Today – Vaishali Parekh’s October 9 Recommendations”

Baishakhi Mondal

Published on:

“Top 3 Stocks to Buy Today – Vaishali Parekh’s October 9 Recommendations”

Market Overview

Buy or Sell Stocks: After experiencing a significant downturn, India’s leading stock market indices, Sensex and Nifty 50, have shown signs of recovery as investors seized the opportunity to buy at lower prices. This recovery comes ahead of the important monetary policy meeting set by the Reserve Bank of India (RBI) on Wednesday, October 9. The Nifty 50 index surged by 0.88% and closed at 25,013.15 points, rebounding from a previous close of 24,795.75 points.

The BSE Sensex also followed suit, closing 0.72% higher at 81,634.81 points, up from 81,050 points in the previous trading session.

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Expert Analysis

Vaishali Parekh, the vice president of technical research at Prabhudas Lilladher, noted that the Nifty registered a robust pullback, ending above the critical 25,000 mark, which has provided some much-needed relief to investors. However, Parekh urges a cautious approach moving forward. She predicts the Nifty 50 Spot index could find support at 24,800 points while facing resistance at 25,200 points. The Bank Nifty is anticipated to range between 50,500 and 51,500 points on this trading day.

Current Market Sentiment

Parekh emphasizes that while there has been a welcome reversal following a six-day losing streak, the overall market sentiment remains cautious. She believes it will require a breach above the 25,450 mark for a more positive bias to develop. Significant support is identified at the crucial 24,400 level, marked by the 100-period moving average (MA).

Insights on Bank Nifty

In her insights about the Bank Nifty, Parekh commented on the decent pullback observed, with the index closing above the 51,000 mark. Most leading banking stocks have climbed from their previous lows, but an improvement in overall sentiment is contingent upon a breach above the significant 50 exponential moving average (EMA) at the 51,800 levels. Meanwhile, important support is seen at the previous low of 49,600, which must be sustained to maintain the current trend.

Recommendations for Investors

For investors looking for actionable insights, Parekh has suggested three stocks to consider for buying:

1. Infosys Ltd. (INFY)

Recommendation: Buy at 1,945;
Target: 2,000;
Stop Loss: 1,900.

2. Bombay Dyeing and Manufacturing Co. Ltd. (BOMDYEING)

Recommendation: Buy at 221;
Target: 245;
Stop Loss: 205.

3. Tata Chemicals Ltd. (TATACHEM)

Recommendation: Buy at 1,092;
Target: 1,150;
Stop Loss: 1,060.

Final Thoughts

Investors are encouraged to approach the market with caution and consider these recommendations carefully. As market conditions evolve, staying informed and consulting with certified experts is advisable before making any investment decisions. This proactive approach will enhance the potential for maximizing returns while managing risk effectively.

Disclaimer: The views and recommendations in this article are those of individual analysts and do not represent the views of Mint. Investors should conduct their own research or consult certified experts prior to making any investment decisions.

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