Nifty 50 Slips While Bank Nifty Surges: Vaishali Parekh Recommends 3 Hot Stocks to Buy Today

After a strong upward move on Thursday, the Indian stock market slowed down and consolidated on Friday, closing slightly lower. However, banking stocks continued to show decent demand throughout the day. Key market indices like the Nifty 50 dropped by 32 points to close at 25,356, while the BSE Sensex fell by 71 points, ending at 82,890. On the other hand, the Bank Nifty index gained 165 points, closing at 51,938.

In broader markets, the Small-cap index performed better than the main indices, rising by 0.95%, and the Mid-cap index finished 0.48% higher.

Vaishali Parekh’s Stock Recommendations

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the overall sentiment in the Indian stock market remains positive. She expects the Nifty 50 index to hit 25,900 and 26,300 soon, with immediate support at 25,200. Parekh also predicts that Bank Nifty could trade within the 51,500 to 52,500 range today.

Here are her stock picks for today:

Apollo Tyres

• Buy at ₹526
• Target: ₹555
• Stop loss: ₹516

Confidence Petroleum India

• Buy at ₹90.30
• Target: ₹96
• Stop loss: ₹87

IIFL Finance

• Buy at ₹522
• Target: ₹550
• Stop loss: ₹510

Nifty and Bank Nifty Outlook

On the Nifty 50’s outlook, Parekh highlighted that it has shown a strong positive trend during the week with a higher low formation on the daily charts. She expects this positive momentum to continue, aiming for the next targets of 25,900 and 26,300. The immediate support level is at 25,200, which must hold for the trend to remain intact.

For the Bank Nifty index, she noted that it has significantly recovered from the 50,350 mark and surpassed the previous high of 51,750, indicating further upward potential. Parekh expects the Bank Nifty to rise to 53,500 and 55,100 levels, with immediate support at 51,000, which needs to be sustained.

In conclusion, Parekh views the overall market sentiment as optimistic and believes there are opportunities for growth, especially in the banking sector, as well as in stocks like Apollo Tyres, Confidence Petroleum, and IIFL Finance.