Stock Picks: Vaishali Parekh Recommends 3 Stocks to Buy Today — July 11

Stock Market Update: Following weak global market signals and no clear timeline for a US Fed rate cut, the Indian stock market had its worst session since June 4, 2024. The Nifty 50 lost 108 points to close at 24,324, the BSE Sensex dropped 426 points to 79,924, and the Bank Nifty fell 379 points to 52,189. Cash market volumes on the NSE were 9% higher at ₹1.48 lakh crore. The small-cap index dropped more than the Nifty and Sensex, and the advance-decline ratio was 0.42:1.

Vaishali Parekh’s Stock Recommendations

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 index is facing resistance at 24,450. She emphasized that the index must stay above 24,000 to keep a positive outlook. Parekh also mentioned that the Bank Nifty is struggling around the 52,600 mark and has crucial support near 52,000.

For today’s stock picks, Parekh recommends buying the following stocks:

1. HPCL
   • Buy at: ₹335
   • Target: ₹350
   • Stop Loss: ₹327
     
2. ICICI Prudential Life Insurance
   • Buy at: ₹660.75
   • Target: ₹692
   • Stop Loss: ₹644
     
3. MFSL
   • Buy at: ₹1037.75
   • Target: ₹1085
   • Stop Loss: ₹1015

Market Outlook

Parekh observed that Nifty has found resistance near 24,450 and faced profit booking, dipping to 24,150 but recovering to close around 24,300. She emphasized the importance of maintaining support at 24,000 for a positive market outlook.

For the Bank Nifty, Parekh noted resistance at 52,600 for the past few sessions, with crucial support at 52,000. Falling below this level could weaken the outlook, with 51,000 as key psychological support.

For today’s trading, Nifty has immediate support at 24,200 and resistance at 24,500. The Bank Nifty’s daily range is expected to be between 51,800 and 52,600.