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Market Soars to New Heights: Vaishali Parekh Recommends Apollo Tyres, Union Bank, and More for Today

Yesterday, the Nifty 50 and Sensex reached new lifetime highs, continuing their upward trend that started in late June. The Nifty 50 hit a record high of 24,443.60 before closing at 24,433.20, up 113 points or 0.46%. The Sensex also peaked at 80,397.17, ending the day at 80,351.64 with a gain of 391 points or 0.49%. These indices closed at their highest levels ever.

The market capitalisation of BSE-listed companies reached a record ₹451.27 lakh crore. Investors’ wealth increased by ₹1.56 lakh crore on this day.

US Federal Reserve Update:

During his testimony to Congress, US Federal Reserve Chair Jerome Powell emphasized the risks to the labour market from high borrowing costs and indicated that more evidence of slowing inflation is needed before any interest rate cuts. Investors are expecting rate cuts to begin in September, as the Fed has kept rates high for nearly a year to control inflation. The labour market has shown resilience, but recent slowdowns in job data have pressured the Fed to consider easing its policy.

Intraday Trading Tips for Wednesday:

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, commented on the Nifty 50’s performance, noting strong support around the 24,150 zone and predicting further gains due to strengthening indicators.

For the Bank Nifty, Parekh mentioned that HDFC Bank’s stabilisation could help the index gain momentum along with other banks.

Stocks to Buy Today:

  1. Latent View Analytics: Buy at ₹530.45, target ₹557, stop loss ₹518
  2. Apollo Tyres: Buy at ₹536.90, target ₹563, stop loss ₹525
  3. Union Bank of India: Buy at ₹139.80, target ₹148, stop loss ₹137

Market Outlook:

Parekh highlighted that Nifty 50 has made history with a new high above 24,400, suggesting potential targets of 24,900 and 25,400 in the coming days. Bank Nifty shows strong support at 52,150-52,200 and is expected to reach higher targets of 53,500 and 55,100.

Support and Resistance Levels:

  • Nifty Spot Index: Support at 24,300, resistance at 24,600
  • Bank Nifty Spot Index: Daily range of 52,300-53,000

Investors are advised to monitor these levels and consider the recommended stocks for potential gains today.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

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