Vaishali Parekh’s Top Picks: 3 Stocks to Watch as Nifty Holds Critical Support Levels Today

The Indian stock market continued its downward streak on Thursday, November 14, marking six straight losing sessions. However, heavyweights like Reliance Industries and HDFC Bank helped limit the losses.

• Nifty 50: Ended 0.11% lower at 23,532.70, down from 23,559.05 in the previous session.
• BSE Sensex: Dropped 0.14% to 77,580.31, compared to 77,690.95 previously.

Markets remained closed on Friday, November 15, for Guru Nanak Jayanti.

Vaishali Parekh’s Market Outlook

Vaishali Parekh, VP of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 has hit a critical support level at its 200-period Moving Average (23,540). The market bias remains cautious, and the index is expected to trade between 23,400 (support) and 23,700 (resistance).

Similarly, Bank Nifty has weakened after falling below the 50,000 mark. If it breaks its 200-period Moving Average at 49,750, further selling pressure could push it towards 49,000. For recovery, the index needs to breach 51,000 decisively.

Parekh’s Top Stock Picks for Today

Vaishali Parekh suggests three stocks to buy, emphasizing a cautious approach:

1. Indian Hotels Co. Ltd. (INDHOTEL)
   • Buy Price: ₹741
   • Target: ₹750
   • Stop Loss: ₹725
2. Biocon Ltd. (BIOCON)
   • Buy Price: ₹335
   • Target: ₹360
   • Stop Loss: ₹320
3. DLF Ltd. (DLF)
   • Buy Price: ₹762
   • Target: ₹785
   • Stop Loss: ₹740

Key Levels to Watch

• Nifty 50 Range: Support at 23,400; Resistance at 23,700.
• Bank Nifty Range: Support at 49,700; Resistance at 50,700.

Parekh warns that failing to hold these levels could lead to panic selling, pushing Nifty toward 22,800. Investors are advised to trade cautiously as markets remain volatile.