Stock Market Today: Vaishali Parekh Recommends 3 Stocks to Buy for October 16 — Mazagon Dock, Indian Hotels, and Firstsource Solutions

Indian stock markets closed in the red on Tuesday, with the Sensex falling 153 points (0.19%) to 81,820.12 and the Nifty 50 slipping 71 points (0.28%) to 25,057.35. Reliance Industries led the decline on the Nifty, dropping 2.06% after posting lower Q2 profits.

Vaishali Parekh’s Stock Picks for Today

Vaishali Parekh, VP of technical research at Prabhudas Lilladher, said that the Nifty continues to face resistance around the 25,200 level, showing consolidation near 25,050 for the past few days. She noted that the Nifty must break above 25,300 to confirm an uptrend, while Bank Nifty needs to breach 52,500 for further gains.

For today’s session, Parekh recommends buying these three stocks:

1. Mazagon Dock Shipbuilders
   • Buy Price: ₹4,410
   • Target: ₹4,600
   • Stop Loss: ₹4,300
2. Indian Hotels
   • Buy Price: ₹713
   • Target: ₹728
   • Stop Loss: ₹700
3. Firstsource Solutions
   • Buy Price: ₹333
   • Target: ₹360
   • Stop Loss: ₹326

Stock Market Overview

Nifty is facing resistance around 25,200, and consolidation continues near 25,050. Parekh suggests that a breakout above 25,300 is crucial for the Nifty to push higher. Bank Nifty needs to surpass 52,500 for further momentum, with key support at 51,000. Today’s expected range for Bank Nifty is 51,600-52,400.