Stock Recommendations: Vaishali Parekh Suggests Three Stocks to Buy Today — April 16

Today’s Market: Due to the ongoing conflict between Israel and Iran, global markets, including India, saw a significant decline for the second consecutive day on Monday. The Nifty 50 index dropped by 246 points or 1.10 percent to close at 22,272, while the BSE Sensex fell by 845 points or 1.14 percent to end at 73,399. Similarly, the Bank Nifty index also experienced a decline of 791 points or 1.63 percent to finish at 47,773. Both the Nifty Mid-cap 100 and the Small-cap 100 indices also saw sharp falls of 1.55 percent and 1.70 percent, respectively. The number of declining shares surpassed the advancing ones, with the advance-decline ratio on BSE being the lowest since March 13, 2024.

Stock Recommendations by Vaishali Parekh:

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Indian stock market has weakened following the Nifty 50 index breaking below the crucial support level of 22,500. She attributed the selling pressure in Indian and global markets to the increasing geopolitical tensions in the Middle East.

Stocks to Buy Today:

Parekh recommended three stocks to consider buying today:

1. ONGC: Buy at ₹280, target ₹292, stop loss ₹274
2. Chennai Petroleum Corporation Ltd: Buy at ₹926.50, target ₹964, stop loss ₹906
3. Intellect: Buy at ₹1022.50, target ₹1067, stop loss ₹1000

Market Outlook:

Regarding the outlook for the Nifty 50, Parekh mentioned that it has immediate support at 22,100 levels, with resistance near the 22,400 zone. The Bank Nifty is expected to have a daily range of 47,200 to 48,300 levels.

These recommendations provide guidance for investors considering buying or selling stocks in the current market conditions.