The Indian stock market ended a five-day losing streak on Friday, helped by strong global market trends. The Nifty 50 index reached a new high of 24,861, closing 428 points higher. The BSE Sensex also saw a big increase, jumping 1,292 points to close at 81,332. The Bank Nifty index ended 407 points higher at 51,295, boosting positive market sentiment. Trading volumes on the NSE cash market rose by 5.7 percent, and the mid-cap index did better than the Nifty 50, with a positive advance-decline ratio of 2.07:1.
Vaishali Parekh’s Stock Recommendations Today
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, is confident about the Indian stock market’s improved mood. She notes the Nifty 50 index’s rise to a new high of 24,861 on Friday as a clear sign. According to Parekh, the Bank Nifty’s move past the important 50-EMA of 50,950 zones and closing above 51,000 has greatly improved the outlook, suggesting further gains.
For today’s stock picks, Vaishali Parekh recommends buying the following three stocks: State Bank of India (SBI), Samvardhana Motherson, and NMDC.
Stock Market Today
On the outlook for the Nifty today, Vaishali Parekh said, “The Nifty 50 index faced big swings during the highly volatile week but ended on a very positive note, recovering well and hitting an all-time high of 24,861. The 50-stock index is set for further upward movement with strong participation from the broader markets.”
“The Bank Nifty index also recovered well from the 50,500 zone. Moving past the key 50-EMA level of 50,950 and closing above 51,000 has improved the outlook for further gains. The index needs to break above the 52,800 zone for the overall trend to improve on the daily chart,” said Parekh.
Parekh added that the Nifty today has immediate support at 24,700 and resistance at 25,000. The Bank Nifty’s daily range would be between 50,800 and 51,800.
Vaishali Parekh’s Stocks to Buy on Monday
- SBI: Buy at ₹862.45, target ₹895, stop loss ₹844.
- Motherson: Buy at ₹496.40, target ₹205, stop loss ₹192.
- NMDC: Buy at ₹238.55, target ₹250, stop loss ₹232.
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