📷 Image Credits: Mint
The Indian stock market experienced a surge today following strong global market sentiments on the US Fed rate cut buzz. All three frontline indices touched new lifetime highs, with the Nifty 50 index closing at 24,286 and the BSE Sensex finishing at 79,986. The Bank Nifty index also ended at 53,089 after hitting a new lifetime high of 53,256. Cash market volumes on the NSE rose to ₹1.36 lakh crores, showing significant trading activity. Investors are optimistic about the market’s current momentum.
Vaishali Parekh, Vice President at Prabhudas Lilladher and a technical research expert, shared her insights on the current market scenario. According to Parekh, the Nifty 50 index has gained strength, hitting a new peak above 24,300. She predicts further growth with near-term targets of 24,500 and 24,900. Parekh also highlighted the stocks with potential today, including Steel Authority of India Limited (SAIL), Paras Defence, and NMDC.
In her analysis, Parekh emphasized the positive trend in the Bank Nifty index, indicating potential rises towards targets of 53,500 and 55,100 levels. She reiterated the importance of maintaining support levels at 24,000 for Nifty and 52,000 for Bank Nifty. Parekh’s recommendations for today include buying SAIL at ₹151.60, Paras Defence at ₹1500, and NMDC at ₹251.20. These stocks have specific target prices and stop-loss levels for investors to consider.
Investors are advised to conduct thorough research and consult with financial experts before making any investment decisions. Stay updated with the latest market trends and expert recommendations to make informed choices in the dynamic Indian stock market landscape. Keep an eye on these recommended stocks as they continue to show positive growth potential in the current market environment.
