Indian stocks finished higher for the fourth day in a row on Tuesday, following strong global trends. The Nifty 50 index increased by 92 points, closing at 23,557, while the BSE Sensex gained 308 points, ending at 77,301. The Bank Nifty index jumped by 438 points to finish at 50,440. Cash market volumes rose by 6% to ₹1.43 lakh crore. Small-cap stocks performed better than the main indices, even though the advance-decline ratio fell to 1.22:1 but stayed above 1:1.
Vaishali Parekh’s Stock Picks
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 has gained momentum over the last 4-5 sessions. She said the market sentiment is positive, and the Nifty is moving towards its short-term target of 23,800. If it breaks past this level, it could reach 24,500 soon.
For today, Vaishali Parekh recommends buying GNFC, IndusInd Bank, and Manappuram Finance.
Stock Market Outlook
Commenting on today’s Nifty outlook, Vaishali Parekh said, “Nifty, staying above the 23,200 mark, has steadily risen over the last few sessions, aiming for the next target of 23,800. If it surpasses 23,800, it may reach 24,500 in the coming days. The index’s immediate support is at 23,400, while the resistance is at 23,700.”
“The Bank Nifty has also gained strength. If it breaks above 51,000, it could reach the next targets of 52,400 and 53,500 soon. Support is near the 49,600 level,” she added.
Recommended Stocks to Buy
- GNFC: Buy at ₹703.20, target ₹737, stop loss ₹688.
- IndusInd Bank: Buy at ₹1508, target ₹1560, stop loss ₹1475.
- Manappuram Finance: Buy at ₹191.75, target ₹201, stop loss ₹187.
Key Levels for Today
- Nifty: Support at 23,400, resistance at 23,700.
- Bank Nifty: Range between 50,000 and 51,000.
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