Following weak global market cues and disappointing earnings from US tech giants Tesla and Alphabet, the Indian stock market closed lower for the fourth consecutive session. The Nifty 50 index dropped 40 points to end at 24,438, the BSE Sensex fell 280 points to 80,148, and the Bank Nifty index declined by 348 points to finish at 51,429. Cash market volumes also fell by 19% to ₹1.37 lakh crore. Despite this, the broad market indices ended on a positive note, with a sharp rise in the advance-decline ratio to 3.26:1.
Vaishali Parekh’s Stock Picks for Today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, emphasized that the Nifty 50 index has crucial support at the 24,150 mark amid current market volatility. However, she highlighted that the key support level for Nifty today is at 24,000. Parekh noted that the Bank Nifty index’s bias has turned weak as it decisively fell below the 51,000 zone.
For today’s stock recommendations, Parekh suggested buying Sun Pharmaceutical Industries, Steel Authority of India Ltd (SAIL), and Aditya Birla Fashion and Retail Ltd (ABFRL).
Nifty and Bank Nifty Outlook
Regarding the Nifty’s outlook, Parekh stated, “The Nifty 50 index is currently consolidating and has major support at 24,000, which is crucial to maintain. In the near term, the 24,150 zone will be important during times of volatility.”
She added, “The Bank Nifty index has shown some weakness in the last two sessions, falling below the 51,000 mark during intraday trading. A decisive move past the 52,800 level is necessary to improve the overall bias.”
For today’s trading, Parekh indicated that Nifty has immediate support at 24,300 and resistance at 24,600, while the Bank Nifty is expected to trade within a daily range of 50,800 to 51,800.
Stock Recommendations for Today
- Sun Pharma: Buy at ₹1619, target ₹1690, stop loss ₹1585
- SAIL: Buy at ₹147, target ₹154, stop loss ₹144
- ABFRL: Buy at ₹322, target ₹340, stop loss ₹315
These recommendations come as part of Parekh’s analysis of current market conditions and technical support levels.
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