Vaishali Parekh’s Top 3 Stock Picks for October 22: Nifty Falls but These Buys Could Shine

Buy or sell stocks: The Indian stock market opened higher but ended lower as investors reacted to more Q2 results for 2024. The Nifty 50 index dropped by 73 points to close at 24,781, while the BSE Sensex also lost 73 points, closing at 81,151. The Nifty Bank index fell by 131 points, ending at 51,962. Compared to the previous session, trading volumes on the NSE cash market were down by 1.65%. The broader market performed worse than the Nifty 50, and the advance-decline ratio dropped to 0.29:1.

Vaishali Parekh’s stock recommendations for today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, mentioned that the Nifty 50 is facing strong resistance at the 25,000 level, but it has built a solid support base at 24,700. If the index falls below this support, more selling pressure may follow. A new upward trend is likely only if the index rises above 25,200.

Today, Parekh suggested buying or selling these three stocks: Kotak Mahindra Bank, Mahindra & Mahindra, and DLF.

Stock market outlook today

For Nifty, Parekh said, “The Nifty 50 is struggling to break past the 25,000 mark and is seeing profit booking. If it drops below 24,700, the trend will weaken, and more selling pressure may come. But if it breaks above 25,200, we can expect an upward movement in the coming days.”

Regarding the Bank Nifty, she added, “The index is holding above the key level of 51,800 but needs to be approached with caution. If it falls below the 51,000 level, the trend could change.”

Today’s key levels for Nifty are 24,700 for support and 24,900 for resistance. For Bank Nifty, the expected range is between 51,500 and 52,400.

Buy or sell stock recommendations from Vaishali Parekh:

1. Kotak Mahindra Bank: Buy at ₹1,785, target ₹1,850, stop loss at ₹1,730;
2. Mahindra & Mahindra: Buy at ₹2,998, target ₹3,100, stop loss at ₹2,950;
3. DLF: Sell at ₹859, target ₹830, stop loss at ₹875.