Expert Picks: Vaishali Parekh Recommends Birlasoft, Cyient, and Ramkrishna Forgings for July 15

Despite mixed trends in global markets, the Indian stock market closed higher on Friday. The Nifty 50 index gained 186 points to reach 24,502, and the BSE Sensex surged 622 points to close at 80,519. The Bank Nifty index ended slightly higher at 52,278. The rally was driven by strong buying in Indian IT stocks following TCS’s strong Q1 2024 results. Cash market volumes on the NSE increased by 11.2% to ₹1.55 lakh crore. However, the broad market indices ended negatively, with the advance-decline ratio falling to 0.67:1.

Vaishali Parekh’s stock recommendations for today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index has broken out of its consolidation range of 24,150 to 24,450. She expects a new bull run on Dalal Street, with the Nifty potentially reaching 24,900 in the near term.

Outlook for Nifty today

Vaishali Parekh commented, “Nifty has been moving in a tight range between 24,150 and 24,450 for some time. With a positive bullish candle formation, it has indicated a breakout from the consolidation zone, suggesting an improved trend and further rise. The index’s next targets are 24,900 and 25,600, with 24,000 as crucial support.”

She added, “The Bank Nifty index, after showing a positive move, lost momentum in the second half and closed flat. It needs to break above the 53,300 zone to trigger a fresh breakout and aim for a target of 55,100.”

Parekh noted that Nifty today has immediate support at 24,400 and resistance at 24,700. The Bank Nifty index’s daily range is expected to be between 51,900 and 52,700.

Vaishali Parekh’s stock picks for today

1. Birlasoft: Buy at ₹732.35, target ₹770, stop loss ₹716
2. Cyient: Buy at ₹1838, target ₹1935, stop loss ₹1800
3. Ramkrishna Forgings: Buy at ₹920, target ₹965, stop loss ₹898