The stock market faced a tough day on Thursday, with both Sensex and Nifty 50 seeing their biggest drop in two months. Investor confidence took a hit due to rising tensions between Iran and Israel, pushing people away from riskier investments like stocks.
The Nifty 50 index fell by 2.12%, closing at 25,250 points, going below the 25,300 mark for the first time since mid-September. Similarly, Sensex dropped 2.10%, closing at 82,491 points, dipping under the 82,500 mark for the first time since mid-September.
Vaishali Parekh’s Stock Picks for Today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 dropped over 500 points due to geopolitical concerns, causing investors to be more cautious.
She predicts that the Nifty 50 will find support around 25,000 points and face resistance at 25,500 points. For Bank Nifty, she expects the index to move between 51,300 and 52,400 points today.
Today, Parekh recommends buying the following stocks: Bombay Dyeing & Manufacturing Co. Ltd, GAIL (India) Ltd, and BSE Limited.
Stock Market Outlook
Looking at the Nifty 50 and Bank Nifty, Parekh suggests that Nifty 50 has near-term support around the 25,000 mark, with a major support level near 23,100. She also mentioned that Bank Nifty has dropped more than 2,500 points from its peak and is currently below the important 51,900 mark.
For Bank Nifty, she sees near-term support at 51,000 points, with crucial support at 49,600 points, which could signal worse conditions if breached.
Vaishali Parekh’s Stock Recommendations
- Bombay Dyeing & Manufacturing Co. Ltd (BOMDYEING)
Buy at ₹231.65
Target: ₹243
Stop Loss: ₹226 - GAIL (India) Ltd (GAIL)
Buy at ₹240.30
Target: ₹253
Stop Loss: ₹234 - BSE Limited (BSE)
Buy at ₹3,953
Target: ₹4,120
Stop Loss: ₹3,860
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