Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today, October 16, 2024. Her recommendations come amidst a backdrop of market consolidation and slight profit booking in the Indian stock indices.
Market Overview
The Indian benchmarks, Sensex and Nifty, ended the previous trading session in negative territory, with the Sensex dropping by 153 points (0.19%) to close at 81,820.12, while the Nifty 50 fell by 71 points (0.28%) to end at 25,057.35. The Nifty faced resistance near the 25,200 level and has been hovering around the significant 50 EMA level of 25,050, indicating a period of consolidation over the last five sessions.
Recommended Stocks
Mazagon Dock Shipbuilders is one of the top picks for today. Parekh recommends buying at ₹4,410, with a target price of ₹4,600 and a stop loss set at ₹4,300. The stock has shown resilience and is expected to continue its upward trajectory.Indian Hotels is another stock on Parekh’s radar. She suggests buying at ₹713, targeting ₹728 with a stop loss at ₹700. The company has demonstrated strong performance in the hospitality sector and is poised for further growth.Lastly, Firstsource Solutions is recommended for purchase at ₹333, with a target price of ₹360 and a stop loss at ₹326. This stock has shown promising trends that could lead to positive returns in the near future.
Conclusion: Strategic Investment Choices
Vaishali Parekh’s recommendations reflect her analysis of current market conditions and technical indicators that suggest potential growth for these stocks. Investors should consider these insights when making decisions about their portfolios.
Disclaimer: The views and recommendations expressed in this article are solely those of the author and do not represent the views of any financial institution. Readers are advised to consult certified experts before making any investment decisions.
