Vaishali Parekh’s stock recommendations: The key benchmark indices of the Indian stock market extended their slide on Tuesday, with the Nifty 50 and Sensex falling further to fresh six-month lows as the market struggled to stabilise following the sharp correction in the previous session. Selling remained broad-based, with the vast majority of Nifty constituents ending lower, underscoring limited appetite for dip buying and a fragile tone across domestic equities.
Crude oil was not the primary catalyst for today’s decline. WTI held above $92 a barrel without a significant move higher, in contrast to the sharp surge in the previous session that had weighed heavily on risk sentiment. Nevertheless, crude prices remain elevated following the recent rally, keeping concerns over India’s import bill and inflation outlook firmly in focus.
Weak Asian market cues and continued foreign institutional outflows added to the pressure as global risk appetite remained subdued following the previous session’s geopolitical shock. The rupee also remained volatile and sensitive to global risk conditions, adding to the cautious tone across domestic markets.
Outlook for Nifty 50, Bank Nifty
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index witnessed a weak opening session to continue with the slide further to touch the 22600 zone with bias maintained with a very cautious approach and amid some volatility, closed near the 22700 level with anxious sentiment anticipated for the coming sessions.
“The index would have the psychological and important support zone of 22000 level, which needs to be sustained, failing which the overall trend would turn weak. As mentioned earlier, to improve the bias from the current rate, the index would need a decisive breach above the 23100 zone to establish conviction and clarity.”
On the outlook for the Bank Nifty index, Parekh said, “The Bank Nifty index once again opened on a weak note arriving near the 53,800 zone and thereafter, with some revival witnessed managed to close near the 54,250 zone with sentiment maintained with a very cautious note having the crucial and major support positioned near the 53,000 zone which needs to be sustained failing which 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,” Parekh added.
Vaishali Parekh’s stock recommendations
Regarding stocks to buy, Vaishali Parekh recommended buying these three shares: Vedanta Power, Kotak Mahindra Bank, and Infosys.
1] Vedanta Power: Buy at ₹34 | Target ₹40 | Stop Loss ₹32;
2] Kotak Mahindra Bank: Buy at ₹406 | Target ₹430 | Stop Loss ₹390; and
3] Infosys: Buy at ₹1015 | Target ₹1040 | Stop Loss ₹995.
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.
