Today’s Stock Market: The Indian stock market continued its downward trend for the third consecutive session. The Nifty 50 index dropped by 124 points to close at 22,147, while the BSE Sensex fell by 456 points to 72,943. Similarly, the Bank Nifty index saw a decline of 288 points, ending at 47,484. However, there was some buying interest in the broader market, with the small-cap index rising by 0.57% and the mid-cap index finishing slightly higher.
Vaishali Parekh’s Recommendations:
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Indian stock market’s bias has weakened as the Nifty 50 index approached its 50-DEMA. She anticipates volatility due to geopolitical tensions and ongoing Q4 2024 results.
Stocks to Buy Today:
Parekh recommended three stocks to consider buying today: Hindustan Unilever Ltd (HUL), Divi’s Laboratories, and Colgate Palmolive (COLPAL).
Market Outlook:
Regarding the Nifty 50 outlook, Parekh mentioned a gap down opening for the third consecutive session, indicating a weak bias. The index is near the significant 50EMA level of 22,115, with 22,000 as a major support. Similar caution was advised for the Bank Nifty index, which retraced 50% of its recent rally and is now near the important 50EMA level of 47,170.
Parekh suggested immediate support at 22,000 levels for the Nifty, with resistance at 22,300. The Bank Nifty’s daily range was projected to be between 47,100 to 47,800 levels.
Stock Recommendations:
- Hindustan Unilever Ltd (HUL): Buy at ₹2220.80, target ₹2290, stop loss ₹2180.
- Divi’s Laboratories: Buy at ₹3764, target ₹3900, stop loss ₹3690.
- Colgate Palmolive (COLPAL): Buy at ₹2701, target ₹2820, stop loss ₹2645.
Each recommendation includes specific entry, target, and stop-loss prices, aiming to guide traders in their decision-making process. These suggestions are based on technical analysis and current market conditions.
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