Market Expert Vaishali Parekh’s Top 3 Stock Picks for Today – July 22

Market Recap and Outlook

After a big rise on Thursday, the Indian stock market experienced a sharp drop on Friday. Experts say this was due to weak global trends and rising US-China tensions. The Nifty 50 index fell by 269 points to close at 24,530, and the BSE Sensex lost 738 points, ending at 80,604. The Bank Nifty index also dropped by 355 points, finishing at 52,265. A tech outage reduced cash market volumes on the NSE by 8.8%. The broader market indices fell more than the Nifty 50, and the advance-decline ratio hit its lowest point in 1.5 months at 0.18:1.

Vaishali Parekh’s Stock Recommendations

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, says that after Friday’s sharp sell-off, the market sentiment has turned cautious. She noted that the Nifty 50 index faces resistance at the 24,850 level and has formed a bearish pattern on the daily chart. Crucial support for Nifty today is between 24,250 and 24,200.

For stocks to buy today, Vaishali Parekh recommends Strides Pharma (STAR), Karur Vysya Bank, and Ircon International.

Market Outlook for Today

Vaishali Parekh stated, “Nifty faced heavy profit booking after nearing a new high at 24,850 and formed a bearish pattern, making the sentiment cautious. Support is at the 24,200 to 24,250 zone; if it falls below this, we can expect further decline.”

For the Bank Nifty, she added, “The index has been moving between 52,000 and 52,800 levels. A decisive move on either side will determine the trend. Major support is near 51,000, and targets are at 53,500 and 55,100 levels.”

Today, Nifty has immediate support at 24,400 and resistance at 24,700. The Bank Nifty’s daily range is expected to be between 51,800 and 52,700.

Vaishali Parekh’s Stock Picks

1. STAR: Buy at ₹952.50, target ₹995, stop loss ₹932
2. Karur Vysya Bank: Buy at ₹210, target ₹222, stop loss ₹205
3. IRCON International: Buy at ₹316, target ₹332, stop loss ₹309