India’s stock market saw a dip on Friday, with the benchmark indices Sensex and Nifty 50 closing lower after reaching record highs. Profit booking by investors led to this decline, even though there was significant buying in metals and financial stocks due to improving domestic and global conditions.
The Nifty 50 ended down 0.14% at 26,178.95 points, while the BSE Sensex dropped 0.31% to 85,571.85 points.
Vaishali Parekh, a technical research expert at Prabhudas Lilladher, believes the Nifty 50 will continue its upward trend, with a target of 26,900 points in sight. She expects strong performance from frontline stocks, predicting that the index will find support at 26,000 points and face resistance at 26,350 points. For the Bank Nifty index, she anticipates a trading range of 53,500 to 54,300.
Here are Parekh’s stock recommendations for today:
- Oil and Natural Gas Corporation Ltd. (ONGC): Buy at ₹297, with a target of ₹315 and a stop loss at ₹288.
- NLC India Ltd. (NLCINDIA): Buy at ₹288, aiming for a target of ₹308, with a stop loss at ₹280.
- Bharat Dynamics Ltd. (BDL): Buy at ₹1,128, targeting ₹1,200, and a stop loss at ₹1,090.
Parekh emphasizes the importance of the 25,800 support zone for the Nifty 50 to maintain its upward trend. She also notes that the Bank Nifty needs to break above 54,470 to continue its bullish momentum.
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