Intraday Stock Picks: Vaishali Parekh Recommends Avalon Tech, CDSL, and Jindal Steel for November 21

The Indian stock market recovered on Tuesday, snapping a seven-day losing streak, despite continued pressure from rising geopolitical tensions between Russia and Ukraine. Profit booking at higher levels also limited market gains.

• Nifty 50 closed 0.28% higher at 23,518.50, up from its previous close of 23,453.80.
• BSE Sensex ended 0.31% higher at 77,578.38, compared to its prior close of 77,339.01.

Vaishali Parekh’s Stock Market Outlook

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said Nifty rebounded from its key support at 23,350 but faced heavy profit booking as it approached the 23,700 resistance level. She cautions traders to remain vigilant amid volatile conditions.

Key support and resistance levels for today:

• Nifty 50: Support at 23,350, resistance at 23,700.
• Bank Nifty: Rangebound between 50,000 and 51,000. Critical support lies near the 200-period moving average at 49,800, with bearish signals below this level.

Vaishali Parekh’s Intraday Stock Recommendations

1. Avalon Technologies Ltd. (AVALON)
   • Action: Buy
   • Entry Price: ₹850
   • Target: ₹880
   • Stop Loss: ₹830
2. Central Depository Services Limited (CDSL)
   • Action: Buy
   • Entry Price: ₹1,506
   • Target: ₹1,550
   • Stop Loss: ₹1,450
3. Jindal Steel and Power Ltd. (JINDALSTEL)
   • Action: Sell
   • Entry Price: ₹863
   • Target: ₹840
   • Stop Loss: ₹880

Key Takeaways

• Parekh highlights that if Nifty fails to hold 23,350, it could trigger panic selling, with the next major support at 21,700.
• Bank Nifty needs to hold 49,800 to avoid a bearish shift.
• Market sentiment remains cautious due to geopolitical concerns and profit booking.