Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, has recommended three stocks for the near term, with Samvardhana Motherson International, Zuari Industries and GHCL Textiles among her picks. Her recommendations include specific buy levels, targets and stop-loss levels for each stock.
Nifty, Bank Nifty outlook: Can bulls defend 23,000 and 54,500?
Vaishali Parekh said Nifty overall witnessed a rangebound session sustaining the important 23000 zone and in the final hours indicated some revival to end in the green near 23150 level with bias and sentiment still maintained with a cautious approach.
The index, as mentioned earlier, would have the 23000 zone as the crucial support zone failing which the overall trend would turn having 22600 and 22200 levels as the next important 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 sustained the low made in the previous session at 55350 zone and with a sluggish session visible ended in the green near 55600 level with bias maintained with a very cautious approach and would need a significant revival from current rate.
The index would have the major support at 54500 level and thereafter, the important and crucial level at 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 56700 level is necessary to improve the bias as of now.
Parekh added that the support for the day is seen at 23000 levels, while the resistance is seen at 23400 levels. BankNifty would have the daily range of 55000-56000 levels.
Vaishali Parekh’s stock recommendations
Regarding stocks, Vaishali Parekh, has recommended three stocks for the near term: Samvardhana Motherson International, Zuari Industries and GHCL Textiles.
1] Samvardhana Motherson International: Buy at ₹165.70, Target ₹175, Stop Loss ₹162
2] Zuari Industries: Buy at ₹290, Target ₹307, Stop Loss ₹284
3] GHCL Textiles: Buy at ₹139, Target ₹148, Stop Loss ₹136
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.
