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The Indian stock market continues to rise despite weakness in global markets, with the Nifty 50 index scaling new heights. Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes this upward trend may continue as the Nifty has sustained above the 24,000 mark.
Parekh anticipates the 50-stock index to reach its immediate target of 24,500, with the 23,500 zone serving as support. She highlights the robust move of the Nifty during the week, with four consecutive sessions of strong positive candle formation, driving it to the 24,000 level for the first time.
The Bank Nifty has also reached a historic milestone, scaling 53,000 zones for the first time. Parekh anticipates further upward movement for the Bank Nifty, with targets of 53,500 and 55,100 levels visible in the coming days.
Parekh's optimism is driven by the performance of frontline banking stocks, which are well-positioned for further growth. She identifies 23,900 as the immediate support level for the Nifty, while resistance is set at 24,200. The Bank Nifty's daily range is expected to be between 52,500 and 53,300 levels.
In terms of specific stock recommendations, Vaishali Parekh suggests buying three stocks: Wipro, JSW Energy, and Petronet LNG. For Wipro, she recommends buying at ₹510.80, targeting ₹532, with a stop loss at ₹500. For JSW Energy, the recommended buying price is ₹735.55, with a target of ₹763 and a stop loss of ₹720.
Finally, for Petronet LNG, Parekh suggests buying at ₹320, targeting ₹335, with a stop loss at ₹313. These recommendations are based on her technical analysis and reflect her confidence in the potential for these stocks to perform well in the near future.
Source: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 28