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Following a bloodbath in the Indian stock market on Tuesday, there was a positive trend observed as the Nifty 50 index gained 201 points and closed at 22,821, while the BSE Sensex increased by 692 points and ended at 75,074. The Bank Nifty index also showed an upward movement, closing at 49,291. This recovery marked the second consecutive positive session after the recent downfall.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed optimism about the market’s mood following the rise above the 22,800 mark by the Nifty 50 index. Parekh highlighted the importance of the Nifty 50 sustaining above 22,450 to ensure a positive sentiment on Dalal Street. Additionally, she emphasized the significance of the Bank Nifty maintaining itself above the critical 50EMA level at 48,200 to sustain a positive bias.
Amidst this market scenario, Parekh recommended three buy-or-sell stocks for the day: JSW Energy, Havells, and JK Cement. These recommendations were based on her analysis of the market outlook and key resistance and support levels for the Nifty and Bank Nifty.
Parekh’s insights into the outlook for the Nifty highlighted the need for a sustained breach above the 22,800 level for a positive bias to continue. She also provided support and resistance levels for both indices to help investors navigate the market volatility.
The specific stock recommendations she provided were: JSW Energy with a buy price of ₹625, target ₹655, and stop loss ₹611; Havells with a buy price of ₹1839, target ₹1920, and stop loss ₹1800; and JK Cement with a buy price of ₹4013, target ₹4140, and stop loss ₹3930.
It is essential to note that the views and recommendations shared by Vaishali Parekh are those of individual analysts, experts, and broking companies, and investors are advised to consult certified experts before making any investment decisions. As the market continues to evolve, staying informed and following expert advice can help investors make sound financial choices.
