Vaishali Parekh’s stock recommendations: The key benchmark indices of the Indian stock market remained under pressure despite stronger-than-expected domestic industrial output, as Brent crude neared $105 a barrel and the US 10-year bond yield, around 5.25%, continued to present a challenging backdrop for domestic risk assets.
Elevated crude prices threaten to add to inflationary pressures and weigh on the rupee, while higher US Treasury yields increase the relative attractiveness of dollar-denominated assets. Unless both begin to moderate, foreign portfolio flows could remain subdued, and recovery attempts may struggle to gain lasting traction.
Stock market prediction | Nifty, Bank Nifty outlook
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index would need a decisive breach above the 23,100 zone to establish conviction and clarity for Dalal Street bulls. She said that bulls’ sentiment for a trend reversal took a dent, as the Nifty 50 and Sensex today failed to sustain higher levels and closed in the red.
Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index witnessed some revival in the first half of the session but found resistance near the 22,800 zone and fizzled out to end in the red near 22,600 zone with bias and sentiment weakening further having the psychological and important support zone of 22,000 level which needs to be sustained failing which the overall trend would turn weak.
“To improve the bias from the current rate, the Nifty 50 index would need a decisive breach above the 23100 zone to establish conviction and clarity,” said Parekh.
On the outlook of the Bank Nifty index, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index indicated a positive start during the session and touched the 55100 zone with frontline banking stocks like ICICI Bank, Kotak Bank and Axis Bank showing some revival with some optimistic views anticipating the coming sessions. As mentioned earlier, the index would have crucial support near the 53000 zone, which needs to be sustained; failing that, the trend would turn weak.
“On the upside, a decisive move above the hurdle at the 55,800 level is necessary to improve the bias and establish conviction for further progress,” said Parekh.
Buy or sell | Vaishali Parekh’s stock recommendations
Regarding buy-or-sell stocks for Thursday, Vaishali Parekh recommended these three stocks: Vedanta, DLF, and Aegis Logistics.
1] Vedanta: Sell at ₹258 | Target ₹240 | Stop Loss ₹268;
2] DLF: Buy at ₹666 | Target ₹685 | Stop Loss ₹650; and
3] Aegis Logistics: Buy at ₹1370 | Target ₹1420 | Stop Loss ₹1340.
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.
