Nifty Hits Record Highs: Vaishali Parekh Recommends 3 Must-Buy Stocks for August 29

The Indian stock market continues to perform strongly, with both the Sensex and Nifty 50 reaching new record highs on Wednesday, August 28. This marks the 10th consecutive day of gains for the Nifty 50. By the end of the trading session, the Nifty 50 closed at 25,052.35 points, a 0.14% increase from the previous day’s close of 25,017.75 points. Similarly, the BSE Sensex closed 0.09% higher at 81,785.56 points, compared to 81,711.76 points on the previous day.

Vaishali Parekh’s Stock Picks

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, is optimistic about the Nifty’s performance. She noted that the index has stayed above the 25,000 level, showing a positive trend and reaching new highs around 25,130 points. Despite some profit-taking near the 25,000 mark, Parekh believes the Nifty is on track to reach the next target of 25,600 points.

For those looking to trade today, Parekh has recommended three stocks:

1. Engineers India Ltd. (ENGINERSIN)
   • Buy at ₹220
   • Target: ₹240
   • Stop Loss: ₹213
2. IndusInd Bank Ltd. (INDUSINDBK)
   • Buy at ₹1,415
   • Target: ₹1,450
   • Stop Loss: ₹1,390
3. Wipro Ltd. (WIPRO)
   • Buy at ₹534.6
   • Target: ₹560
   • Stop Loss: ₹522

Market Outlook

Parekh also provided an outlook on the Nifty 50 and Bank Nifty indices. She mentioned that the Nifty 50 is likely to continue its upward trend, targeting 25,600 points, as long as it stays above the 24,900 support level. For the Bank Nifty, she observed some resistance around 51,400 points and a more sluggish movement compared to the Nifty index. The Bank Nifty is expected to find support around 50,800 points, with potential targets of 52,500 and 53,400 points in the coming days.

For today, Parekh suggests that Nifty 50 has support at 24,900 points and resistance at 25,200 points, while Bank Nifty is expected to trade within a range of 50,800 to 51,700 points.