Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 11
- Buy or sell stocks: Vasihali Parekh has recommended three stocks to buy today — HPCL, ICICI Pru Life Insurance, and MFSL
Buy or sell stocks: Following weakness in the global markets, after the US Fed Jerome Powell did not offer any timeframe for the US Fed rate cut in 2024, the Indian stock market witnessed its worst session since 4th June 2024. The Nifty 50 index lost 108 points and closed at the 24,324 mark; the BSE Sensex finished 426 points down at 79,924, whereas the Bank Nifty index ended 379 points lower at 52,189. Cash market volumes on the NSE were 9% higher at ₹1.48 lakh crore. The small-cap index fell more than the Nifty and Sensex even as the advance-decline ratio fell to 0.42:1.
Vaishali Parekh's stock recommendations
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Nifty 50 index is finding a hurdle at 24,450. The Prabhudas Lilladher expert maintained that the 50-stock index would have to sustain above 24,000 to keep the Indian stock market bias positive. The technical expert said that the Bank Nifty has been resisting near the 52,600 zone for the last 2-3 sessions and has the crucial near-term support zone near the 52,000 zone.
Regarding stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended buying these three buy-or-sell stocks on Thursday: Hindustan Petroleum Corporation Limited, ICICI Prudential Life Insurance Company, and MFSL.
Stock market today
On the outlook for Nifty today, "Nifty after the decent rally has been finding resistance near the 24,450 zones and was subjected to some profit booking plunging till 24,150 zones but witnessed some fast recovery to erase some of the losses to end near the 24,300 zones. As mentioned earlier, the index would have the psychological and important support zone of 24,000 levels, which needs to be sustained to maintain the overall bias positive."
"The Bank Nifty index has been resisting near the 52,600 zones since the last 2-3 sessions and has the crucial near-term support zone near the 52,000 zones, below which the bias would turn a little bit weak and expect for further slide having 51,000 zones as the psychological and important support for the index," Parekh said.
Parekh went on to add that the Nifty today has immediate support at 24,200, while the resistance is at 24,500. The Bank Nifty will have a daily range of 51,800 to 52,600.
Vaishali Parekh's stocks to buy today
1] HPCL: Buy at ₹335, target ₹350, stop loss ₹327;
2] ICICI Pru Life Insurance: Buy at ₹660.75, target ₹692, stop loss ₹644; and
3] MFSL: Buy at ₹1037.75, target ₹1085, stop loss ₹1015.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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