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Vaishali Parekh's top 3 stocks to buy: In the truncated trading week, the benchmark indices corrected sharply. The Nifty 50 index ended down by 3.10%, while the Sensex fell nearly 2000 points. Among the sectors, almost all major sectoral indices saw profit-booking at higher levels. The Consumer and Auto indices lost the most: Consumer stocks corrected 6.15%, and Auto stocks fell 5.85%.
The market consistently faced selling pressure at higher levels during the week. On the weekly charts, it formed a long bearish candle. On the intraday charts, it continued to make lower highs and lower lows, indicating a largely negative trend.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias has weakened after the crash across all four sessions last week. The Prabhudas Lilladher expert said the Nifty 50 index has crucial support placed at 21,800. Breaking below this support decisively may further intensify selling pressure.
Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index witnessed another day of free fall with heavy selling pressure to almost touch the previous low made near the 22,180 zone, and finally, amid some volatility, managed to close just above the 22,400 zone with the overall bias and sentiment shattered as of now.
“The Nifty 50 index would have the crucial support near the 22200 zone and thereafter, has the major and important level near the 21800 zone, which needs to be sustained, failing which the overall trend would turn weak and can invite further intensified selling pressure. Some revival cannot be ruled out, but needs to sustain above the 23000 zone,” said Parekh.
Regarding stocks to buy on Monday, Vaishali Parekh recommended these three shares: CG Power, Graphite India, and Bectors Food.
1] CG Power: Buy at ₹879 | Target ₹930 | Stop Loss ₹860;
2] Graphite India: Buy at ₹786 | Target ₹825 | Stop Loss ₹770; and
3] Bectors Food: Buy at ₹213 | Target ₹227 | Stop Loss ₹208.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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