Stock Market Update:
On Tuesday, the Indian stock market had a mixed day. The Nifty 50 index closed slightly higher at 23,264, while the BSE Sensex dropped 33 points to finish at 76,456. The Bank Nifty index fell 75 points to 49,705. Despite this, the broader market indices ended positively, though the advance-decline ratio dropped slightly to 1.72:1.
Vaishali Parekh’s Stock Picks for Today:
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, sees a key resistance point for the Nifty 50 at 23,400. Breaking through this level could start a new upward trend, possibly reaching 23,800 soon after.
For intraday trading on Wednesday, Vaishali Parekh recommends three stocks: Can Fin Homes, Indian Oil Corporation (IOC), and M&M Finance. Here are her picks:
- Can Fin Homes: Buy at ₹790.70, with a target of ₹825 and a stop loss of ₹774.
- IOC: Buy at ₹167.65, with a target of ₹175 and a stop loss of ₹164.
- M&M Finance: Buy at ₹290.70, with a target of ₹304 and a stop loss of ₹284.
Market Outlook:
Vaishali Parekh noted that the Nifty 50 index faces strong resistance near 23,400. If it breaks through, it could rise to 23,800. The support level to watch is 22,800.
For the Bank Nifty, Parekh said it has been stable around the 49,800 mark. If it breaks above 50,700, it could move towards 52,800 and 53,500. Today’s range for the Nifty is between 23,100 and 23,400, while the Bank Nifty’s range is expected to be between 49,300 and 50,200.
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