Vaishali Parekh Recommends 3 Must-Buy Stocks as Nifty 50 Reaches Record High | Stock Market News

The Indian stock market closed higher on Wednesday, influenced by strong global market trends and speculation about a US Fed rate cut. All three major indices reached new lifetime highs. The Nifty 50 ended at 24,286, after hitting a high of 24,309. The BSE Sensex closed at 79,986, after peaking at 80,074. The Bank Nifty finished at 53,089, after reaching a new high of 53,256. NSE cash market volumes increased by 2.4% to ₹1.36 lakh crore. The broad market indices rose more than the Nifty, with an advance-decline ratio of 1.7:1.

Vaishali Parekh’s Stock Picks for Today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Indian stock market has gained strength as the Nifty 50 hit a new high above 24,300. Parekh expects the Nifty to reach near-term targets of 24,500 and 24,900. She recommended buying the following stocks: Steel Authority of India Limited (SAIL), Paras Defence, and NMDC.

Stock Market Outlook

Parekh said, “Nifty has regained strength after a brief pause and reached a new high of 24,300. We expect it to continue rising with targets of 24,500 and 24,900. The 24,000 zone is near-term support, while 23,700 is a major support level. Falling below 23,700 could weaken the trend.”

She added, “The Bank Nifty has formed a higher low pattern, taking support near 52,000 on the daily chart. We expect it to rise further, targeting 53,500 and 55,100 levels. The overall trend remains strong as long as it stays above 51,000.”

Parekh mentioned that the Nifty has immediate support at 24,150 and resistance at 24,400. The Bank Nifty’s daily range is expected to be 52,600 to 53,700.

Vaishali Parekh’s Stock Recommendations Today

1. SAIL: Buy at ₹151.60, target ₹158, stop loss ₹148.
2. Paras Defence: Buy at ₹1500, target ₹1570, stop loss ₹1470.
3. NMDC: Buy at ₹251.20, target ₹264, stop loss ₹245.