Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, has recommended three stocks for intraday trading on September 29, with Apollo Micro Systems, Netweb Technologies India and Blue Dart Express among her picks. Her recommendations include specific buy levels, targets and stop-loss levels for each stock.
The Indian stock market came under severe selling pressure in Monday’s trade, September 28, with key indices breaking key psychological support levels, as surging crude oil prices, coupled with elevated bond yields and fears of global monetary tightening, continued to weigh on market sentiment.
The Nifty 50 dropped another 1.54% in trade to settle at 22,762. The index broke below the 23,000 level for the first time since April, and its year-to-date losses expanded to 13%. The Sensex closed 1.43% lower, breaking below the 73,000 level to close at 72,836.
Nifty, Bank Nifty outlook: Can bulls defend crucial support levels?
Vaishali Parekh said Nifty tanked heavily with a huge bearish candle on the daily chart breaching below the 23000 zone decisively with the overall trend turning weak, and one can expect further slides in the coming sessions. With the bias and sentiment turned into a nervous scenario, the downside targets of 22500 and 22000 levels are wide open as of now.
To improve the bias from the current rate, the index would need a decisive breach above the 23100 zone to establish conviction and clarity to anticipate a further upward move in the coming days.
On Bank Nifty, Vaishali Parekh said the index witnessed heavy selling pressure during the session and crashed below the 55000 zone with sentiment turned very weak and is precariously placed anticipating further slides in the coming sessions. As mentioned earlier, the index would have the next important and crucial support 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 55800 level is necessary to improve the bias as of now.
Vaishali Parekh added that the support for the day is seen at 22600 levels, while the resistance is seen at 23000 levels. BankNifty would have the daily range of 53500-55300 levels.
Vaishali Parekh’s stock recommendations for tomorrow
Regarding stocks to buy and sell tomorrow, Vaishali Parekh has recommended three stocks for intraday trading: Apollo Micro Systems, Netweb Technologies and Blue Dart Express.
1] Apollo Micro Systems: Buy at ₹410, target ₹430, stop loss ₹395
2] Netweb Technologies: Buy at ₹4,550, target ₹4,700, stop loss ₹4,440
3] Blue Dart Express: Buy at ₹4,775, target ₹4,950, stop loss ₹4,630
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.
