Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, has recommended three stocks for intraday trading on September 25, with GAIL, Texmaco Rail and HBL Engineering among her picks. Her recommendations include specific buy levels, targets and stop-loss levels for each stock.
The Indian stock market suffered heavy losses in Thursday’s trade, September 24, with the headline indices closing more than 1.5% lower, erasing their recent gains and falling below key psychological levels. Investor sentiment was hit by surging global bond yields and volatility in crude oil prices.
The Nifty 50 plunged 1.64% to settle at 25,169.50, while the Sensex finished at 73,580, down 1.67% from the previous session. The pain was more pronounced in the broader market, with the Nifty Midcap 100 falling 2.57% and the Nifty Smallcap 100 tumbling 2.25%.
Nifty, Bank Nifty outlook: Can key support levels prevent further slide?
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, said the Nifty indicated a big bearish candle formation with a gap-down opening on the daily chart to close near the 23000 zone, breaching below the previous low made near the 23100 zone, and has turned the bias and sentiment into a very tense scenario for the coming sessions.
The index would have the 23000 zone as the crucial support zone failing, which can further intensified selling pressure with the 22600 and 22200 levels as the next major support zones which can be tested in the coming days. On the upside, the 23600 level shall be the important resistance zone which needs to be breached decisively.
On Bank Nifty, Parekh said the index witnessed a gap down opening and thereafter slipped further, with profit booking seen to move below the important support zone of the 55700 level to weaken the bias and sentiment, anticipating a further slide in the coming sessions.
The index has opened the downward gates, having next support at the 54500 level, and thereafter, the major and crucial level at the 53000 zone, which needs to be sustained, failing which the overall trend would turn weak. On the upside, a decisive move above the hurdle at the 56700 level is necessary to improve the bias as of now.
Parekh added that the support for the day is seen at 22800 levels, while the resistance is seen at 23300 levels. BankNifty would have the daily range of 54800-56000 levels.
Vaishali Parekh’s stock recommendations for tomorrow
Regarding stocks to buy and sell tomorrow, Vaishali Parekh, has recommended three stocks for intraday trading: GAIL, Texmaco Rail and HBL Engineering.
1] GAIL: Buy at ₹173, Target ₹182, Stop Loss ₹168
2] Texmaco Rail: Buy at ₹126, Target ₹140, Stop Loss ₹120
3] HBL Engineering: Buy at ₹774, Target ₹810, Stop Loss ₹750
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.
