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Stocks to buy today | Vaishali Parekh's stock recommendations for today: The key benchmark indices of the Indian stock market opened sharply lower and remained under pressure as markets witnessed a sell-off following the RBI’s rate hike. The central bank raised rates by 25 basis points and shifted its stance to “calibrated tightening,” triggering a negative reaction across the benchmarks. Continued weakness in the rupee further weighed on investor sentiment.
The Nifty 50 declined 0.76% to close at 22,603, while the Sensex fell 0.59% to close at 72,638.
On the sectoral front, PSU Banks and Media were the key gainers, while Metal, Realty, Auto and IT remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.63%, while the Nifty Smallcap 100 gained 0.30%.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market is biased toward caution, as the 50-stock index remains below 23,000. She said the Nifty 50 index is trading in a broader range of 22,000 to 23,000. A bullish or a bearish trend can be assumed on the breakage of either side of the range.
Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index amid volatility slipped in the final hours to end in the red near the 22600 zone with bias still maintained with a cautious approach, with clarity yet to be established and a need to wait for further developments in the coming sessions to confirm further movement on the index.
“The Nifty 50 index would have the crucial support near the 22,200 zone on the downside and on the upside, as mentioned earlier, a decisive breach above the 23,000 level is necessary to establish conviction and clarity for further upward move,” said Parekh.
On the outlook for the Bank Nifty index, the Prabhudas Lilladher expert said, the key benchmark index witnessed wild fluctuations during the session post the RBI policy outcome and managed to close just above the 55,000 zone on a flat note with bias and sentiment still maintained with a cautious approach and would need clarity in the coming sessions for further movement.
“The Bank Nifty index would have the crucial and major support positioned near the 53,000 zone, which needs to be sustained and, on the upside, a decisive move above the confluence of 50EMA and 100 period MA at the 56,500 zone is necessary to establish conviction and thereafter, expect further upward movement in the coming days,” she added.
Regarding stocks to buy today, Vaishali Parekh recommended three shares: Balrampur Chini, Bluestone, and Kotak Mahindra Bank.
1] Balrampur Chini: Buy at ₹708 | Target ₹745 | Stop Loss ₹685;
2] Bluestone: Buy at ₹830 | Target ₹880 | Stop Loss ₹800; and
3] Kotak Mahindra Bank: Buy at ₹440 | Target ₹470 | Stop Loss ₹428.
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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