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The Indian stock market exhibited a positive bias last week, ending higher with the Nifty 50 index gaining 66 points to close at 23,465, while the BSE Sensex surged 181 points to close at 76,992. The Bank Nifty index finished 155 points higher at 50,002.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, is optimistic about the overall Indian stock market trend, predicting a strong trajectory for the Nifty 50 index towards its next target of 23,800. She also notes that the Bank Nifty is currently facing a hurdle at 50,200, and a decisive breach of this resistance could lead to the index reaching 51,000 in the near term.
Parekh has identified three stocks for investors to consider buying: SBI Life, Kiri Industries, and Delhivery. These recommendations are based on her technical analysis and assessment of the market trends.
Regarding the outlook for Nifty today, Parekh believes that the index is maintaining its strong trend and is heading towards the next near-term target of 23,800 levels. She highlights the 23,200 zone as a strong base of support. The Bank Nifty index, however, is perceived as sluggish, with 50,200 levels acting as a resistance barrier. A decisive breach above this zone could pave the way for the index to reach 51,000, followed by potential further gains to 52,400 and 53,500 levels in the coming days.
Parekh forecasts that Nifty today will have immediate support at 23,300 and resistance at 23,600. The Bank Nifty is expected to have a daily range of 49,700 to 50,400.
The specific stock recommendations from Vaishali Parekh are as follows:
1] SBI Life: Buy at ₹1470, target ₹1540, stop loss ₹1440.
2] Kiri Industries: Buy at ₹337.60, target ₹352, stop loss ₹330.
3] Delhivery: Buy at ₹406.45, target ₹426, stop loss ₹397.
Source: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 18