Nifty 50 Plunges Over 1300 Points! Vaishali Parekh’s Top Picks to Buy Today

Following a disappointing outcome in the Lok Sabha Election, the Indian stock market experienced a significant downturn on Tuesday. The Nifty 50 index saw its worst session in over four years, plummeting 1379 points to close at 21,884, while the BSE Sensex dropped 4,389 points to end at 72,079. The Bank Nifty index also took a hit, losing 4,051 points to close at 46,928.

Cash market volumes on the NSE reached a record high of ₹2.71 lakh crore. Despite this, broad market indices fell even more than the main Indian indices, with the advance-decline ratio hitting a low of 0.10:1 – the lowest since March 13, 2024.


Vaishali Parekh’s Recommendations:

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that Tuesday’s market crash significantly weakened sentiment. She mentioned that the Nifty 50 index has crucial support at 21,100, while the immediate support for the 50-stock index is at 21,600. For today’s stock picks, Parekh recommends buying Max Healthcare, Apollo Hospitals, and COLPAL.

Stock Market Today

Parekh noted that the Nifty 50 index formed a large bearish candle on the daily chart, experiencing an 8.5% drop, the highest intraday fall in four years. The ongoing political developments have heightened market uncertainty, leading to increased volatility. She highlighted that the Bank Nifty index also saw significant bearish movement, touching the 200-period MA at the 46150 zone. Parekh suggested that the Nifty has immediate support at 21,600 levels, with resistance seen at 22,300 levels. The Bank Nifty’s daily range is expected to be between 45,800 and 48,300, providing guidance for investment decisions.

Stock Recommendations:

  1. Max Healthcare: Buy at ₹780.75, target ₹820, stop loss ₹760;
  2. Apollo Hospitals: Buy at ₹5845, target ₹6100, stop loss ₹5720;
  3. COLPAL: Buy at ₹2809, target ₹2950, stop loss ₹2750.

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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