Vaishali Parekh’s Expert Recommendations for Stocks to Buy Today
After showing a sideways movement with a weak bias on Monday, the Indian stock market shifted into a zone of weakness with range-bound action and ended lower on Tuesday. Vaishali Parekh The Nifty 50 index dipped 140 points, closing at 22,302, while the BSE Sensex corrected 383 points, closing at 73,511. The Bank Nifty index also lost 609 points, finishing at 48,285.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, notes that the Indian stock market bias has weakened as the Nifty 50 index fell below 50-DMA levels on Tuesday. A decisive breach below the 22,300 mark could mean another 200 to 300 points correction in the 50-stock index.
Vaishali Parekh’s Recommendations on Stocks to Buy Today
Despite the market’s recent downturn, Parekh has recommended three stocks to buy today: Happiest Minds, Wipro, and ITC. These stocks offer opportunities for investors looking to capitalize on the current market conditions.
Market Outlook and Support Levels
For the Nifty 50, Parekh provides an outlook, noting the formation of a bearish candle pattern in the daily chart that weakens market bias and sentiment. The Nifty 50 index now faces major support near the 22,300 zone, with a decisive close below this level signaling further declines toward the 22,100–22,000 range.
The Bank Nifty also faced challenges, failing to surpass the 49,000 level, which has been acting as a tough resistance over the last two sessions. Parekh mentions profit booking causing the Bank Nifty to slip, closing below the 20-DMA level of 48,400.
Immediate Support and Resistance Levels
Parekh adds that immediate support for the Sensex/Nifty today is placed at 73,000/22,100, while resistance is at 74,000/22,500. The Bank Nifty would have a daily range of 47,500–49,000 levels.
Investors seeking to navigate the current market should take note of Parekh’s recommendations on stocks to buy today and keep an eye on the immediate support and resistance levels to make informed decisions.
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FAQ: Vaishali Parekh’s Stock Recommendations
- What stocks does Vaishali Parekh recommend buying today?
- Vaishali Parekh recommends buying Happiest Minds, Wipro, and ITC today.
- What does Vaishali Parekh say about the current state of the Indian stock market?
- Vaishali Parekh notes that the Indian stock market bias has weakened, with the Nifty 50 index falling below 50-DMA levels. This signals the potential for further declines if the index closes below the 22,300 level.
- What are the major support levels for the Nifty 50 and Sensex?
- The major support levels for the Nifty 50 and Sensex today are placed at 22,100 and 73,000, respectively.
- What is the daily range for the Bank Nifty today?
- The daily range for the Bank Nifty today is between 47,500 and 49,000 levels.
- What is Vaishali Parekh’s outlook on the market’s direction?
- Vaishali Parekh suggests that the market’s overall bias remains cautious. A breach of support levels could signal further declines, while resistance levels indicate potential for a rebound.
- What does the term ‘sideways movement’ mean?
- Sideways movement refers to a market that is neither trending up nor down and is instead trading within a narrow range.
- What impact does the Bank Nifty’s performance have on the overall market?
- The Bank Nifty’s performance can indicate the overall market sentiment, as it comprises leading banking and financial stocks. If the Bank Nifty faces resistance or significant declines, it can influence the broader market.
- What is the significance of the advance-decline ratio?
- The advance-decline ratio measures the number of advancing stocks relative to declining stocks. A ratio below 1 (e.g., 0.40) indicates more stocks are declining than advancing, signaling a bearish market.
