In today’s fluctuating market, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks to consider for purchase. As the Nifty 50 Spot index navigates through critical resistance and support levels, investors should take note of these recommendations for potential gains.
Market Overview
The Indian stock market has faced challenges recently, with the domestic benchmark indices, Sensex and Nifty 50, declining for the second consecutive session amid weak global cues. On Wednesday, the Sensex dropped by 319 points, or 0.39%, closing at 81,501.36 points, while the Nifty 50 settled at 24,971.30, down 86 points, or 0.34%. Parekh noted that the Nifty has been consolidating and currently faces resistance near the 25,200 zone while slipping below the critical 25,000 level.
Nifty and Bank Nifty Outlook
According to Parekh, the Nifty 50 Spot index is expected to find support at 25,000 points and face resistance at 25,500 points today. The Bank Nifty Spot index is projected to move between 51,300 and 52,400 points. She emphasized that sustaining above the 24,700 level is crucial for maintaining a positive bias in the market.
Recommended Stocks
For today’s trading session, Vaishali Parekh has recommended three stocks for investors to consider:
- KPI Green Energy Ltd: Buy at ₹839, with a target price of ₹880 and a stop loss set at ₹820. This company is a prominent player in renewable energy solutions and is well-positioned for growth.
- Union Bank of India: Buy at ₹112, targeting ₹120 with a stop loss at ₹108. The bank’s performance and fundamentals make it a favorable choice in today’s market.
- Dishman Carbogen Amcis Ltd: Buy at ₹188, aiming for a target of ₹200 and a stop loss at ₹182. This stock shows promise based on technical indicators and market conditions.
Conclusion
As investors navigate the current market landscape characterized by volatility and uncertainty, keeping an eye on these three recommended stocks—KPI Green Energy Ltd, Union Bank of India, and Dishman Carbogen Amcis Ltd—could provide opportunities for short-term gains. With the Nifty facing critical resistance levels and possible fluctuations ahead, it is essential to approach trading decisions with caution.Vaishali Parekh’s insights underline the importance of monitoring key support levels as the market evolves throughout the day.Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of Mint. Investors are advised to consult certified experts before making any investment decisions.
