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Stocks to buy | Vaishali Parekh's stock recommendations: The key benchmark indices of the Indian stock market ended higher on Monday. The Nifty 50 index ended 134 points higher, while the BSE Sensex gained 473 points. Among the sectoral indices, FMCG and Capital Markets outperformed, rising by more than 1.5%, while the Healthcare index was the biggest laggard, shedding over 1%.
The advance was notable for its breadth, with mid- and small-cap stocks participating alongside the benchmark indices, suggesting that the session was driven by broader buying rather than a narrow rebound in heavyweight stocks.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that Dalal Street bias has improved following Monday's pullback rally.
Speaking on the outlook of the Nifty 50 index, Vaishali Parekh said the 50-stock index witnessed a volatile session, with an intraday low near the 22,400 zone, then recovered to close near the 22,550 level, improving the bias and sentiment, with the market mildly easing out as of now.
“The Nifty 50 index would have the near-term support at the 22,200-22,300 zone, while on the upside we anticipate further moves ahead till the 22,800-23,000 levels in the coming days,” she said.
On the outlook for the Bank Nifty index, Parekh said the key benchmark index took support near the 53,800 zone and, after witnessing a decent pullback, closed above the 54,500 zone, improving the bias; a further rise is anticipated. One can expect the next targets at the 10-DMA level of 55,280 and the 20-DMA level of 55,900 in the coming days, with 53,800 remaining the near-term support level.
“The support for the day is seen at 22,400 levels, while the resistance would be seen at 22,800 levels. BankNifty would have the daily range of 54,000-55,300 levels,” said Vaishali Parekh of Prabhudas Lilladher.
Regarding stocks to buy today, Vaishali Parekh recommended these three shares: ITC, MRPL, and KEI Industries.
1] ITC: Buy at ₹368 | Target ₹383 | Stop Loss ₹358;
2] MRPL: Buy at ₹172 | Target ₹183 | Stop Loss ₹167; and
3] KEI Industries: Buy at ₹4612 | Target ₹4800 | Stop Loss ₹4500.
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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