Nifty Gains for 5th Day! Vaishali Parekh’s Top 3 Stock Picks to Buy Today – August 22

On Wednesday, August 21, the Indian stock market continued its upward trend, with the Nifty index closing higher for the fifth day in a row. The Nifty index gained 0.29% to finish at 24,770.20 points, up from 24,698.85 points the day before. Meanwhile, the BSE Sensex also saw a slight increase, closing 0.13% higher at 80,905.30 points compared to the previous close of 80,802.86 points.

Vaishali Parekh’s Stock Picks for Today:

Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty index has steadily climbed, breaking through a key resistance zone. She expects the index to maintain its positive momentum in the coming days. According to Parekh, Nifty 50 Spot is expected to find support at 24,650 points and face resistance at 24,900 points. For the Bank Nifty index, she predicts a daily range between 50,300 and 51,200 points.

Today’s Stock Recommendations from Vaishali Parekh:

1. Gujarat Narmada Valley Fertilizers & Chemical Ltd (GNFC):
   • Buy at: ₹668
   • Target: ₹697
   • Stop Loss: ₹654
2. Gujarat State Petronet Ltd. (GSPL):
   • Buy at: ₹332
   • Target: ₹347
   • Stop Loss: ₹324
3. CIPLA Ltd:
   • Buy at: ₹1,594.60
   • Target: ₹1,660
   • Stop Loss: ₹1,560

Stock Market Outlook Today:

Parekh highlighted that the Nifty index is showing a steady rise and has closed above the critical resistance level of 24,750 points, which suggests a continued positive trend. She anticipates that Nifty could soon reach the psychological target of 25,000 points, with strong support at the 24,400 level.

For Bank Nifty, she observed that it is struggling to break through the 50EMA zone around 50,800 points and has been trading within a narrow range for the last two sessions. Parekh emphasized that a decisive move above 51,000 points is necessary to build confidence for further upward movement in the coming days.

Overall, Vaishali Parekh’s analysis suggests a cautiously optimistic outlook for the market, with specific stock recommendations for investors looking to capitalize on current trends.