The Indian stock market finished higher for the second day in a row, driven by strong global market sentiment and big gains on Wall Street. The Nifty 50 index closed slightly higher at 24,302, and the BSE Sensex ended 62 points up at 80,049. The Bank Nifty index also rose by 14 points to close at 53,103. NSE cash market volumes increased by around 2 percent to ₹1.38 lakh crore. Despite a dip in the advance-decline ratio to 1.19:1, the broad market indices performed better than the Nifty 50 index.
Vaishali Parekh’s Stock Picks for Today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the overall market sentiment is positive, with the Nifty 50 index holding above the 24,300 mark. She expects the Nifty 50 to reach 24,500 and 24,900 soon. For today’s trading, she recommends buying these three stocks: RCF, NOCIL, and NLC India.
Market Outlook
According to Vaishali Parekh, the Nifty 50 has been rising steadily from 23,350 levels and continues to look bullish. She expects it to reach 24,500 and 24,900 in the coming days, with near-term support at 24,000. If the Nifty falls below this level, the outlook might turn slightly negative.
For the Bank Nifty index, Parekh notes that most frontline banking stocks, except HDFC Bank, are showing positive momentum, which could push the index to new highs of 53,500 and 55,100 soon. The immediate support for Nifty is at 24,150, with resistance at 24,450. The Bank Nifty’s daily range is expected to be between 52,600 and 53,700.
Stock Recommendations
- RCF: Buy at ₹202.45, target ₹215, stop loss ₹198
- NOCIL: Buy at ₹302.65, target ₹317, stop loss ₹298
- NLC India: Buy at ₹262.56, target ₹275, stop loss ₹257
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