Indian stock market: Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, has recommended three stocks for intraday trading on Wednesday, 23 September. Her picks include HBL Engineering, Precision Wires India and GHCL Textiles, with specific buy levels, targets, and stop-loss levels for each stock.
The Indian stock market reversed all of its previous-day gains in Tuesday’s trade, 22 September, as sharp losses in the technology, financial and FMCG sectors weighed on the benchmarks. However, the indices recovered significantly from their intraday lows.
The Nifty 50 closed 0.36% lower at 23,329, while the Sensex slipped 0.27% to 74,653. The broader markets also mirrored the weak trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending the session lower.
Sectoral performance was mixed, with technology, cement, FMCG, PSU banks, oil and gas, and pharma sectors closing in the red. On the flip side, media, realty, chemicals, and metals managed to end the session on a positive note.
Despite global conditions turning more favourable for bulls, with a sharp retreat in crude oil prices and bond yields, investors continued to remain cautious amid a lack of clarity over whether the recent decline in oil prices will sustain and provide a more durable boost to market sentiment.
Nifty, Bank Nifty outlook: Can key resistance levels trigger a rebound?
Vaishali Parekh said the Nifty, after having a positive morning session and hovering near the 23,450 zone, fizzled out as the day progressed. Amid some volatility in the final hours, the index closed in the red near the 23,350 zone, with the bias once again maintained with a cautious approach.
Parekh said the index would have the near-term hurdle at the 23,550 level, which needs to be breached, and thereafter has the important resistance zone near the 23,800 level, which needs to be conquered to establish conviction. On the downside, the 23,000 level would be the important support that needs to be sustained to maintain the overall bias intact.
On Bank Nifty, Parekh said the index once again failed to move past the 56,700 zone and slipped lower, with profit booking seen to end the session near the 56,200 zone. The bias has once again turned slightly weak, and the index is precariously placed, with the 55,800 level being the important and crucial support that needs to be sustained as of now.
On the upside, Parekh said a decisive move above the important 200-period MA at the 57,300 level is necessary to improve the bias and thereafter establish some conviction to expect a further rise in the coming days.
Parekh said the support for the day is seen at the 23,200 level, while resistance is seen at the 23,500 level. For Bank Nifty, she said the index would have a daily range of 55,700–57,000 levels.
Vaishali Parekh’s stock recommendations for tomorrow
Regarding stocks to buy and sell tomorrow, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, recommended three stocks for intraday trading: HBL Engineering, Precision Wires India and GHCL Textiles.
1] HBL Engineering: Buy at ₹767, Target ₹805, Stop Loss ₹750.
2] PRECISION WIRES: Buy at ₹491, Target ₹515, Stop Loss ₹480 and
3] GHCL Textiles: Buy at ₹133.90, Target ₹142, Stop Loss ₹130.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
