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The Indian stock market closed at a record high on Tuesday, despite weak global market cues. The Nifty 50 index closed 26 points higher at 24,613, the BSE Sensex gained 51 points and ended at 80,716, while the Bank Nifty index finished 59 points lower at 52,396.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Nifty 50 index is facing a hurdle of 24,650. However, she maintains that the Indian stock market mood is positive.
Despite the hurdle, Parekh believes the Nifty is slowly but steadily inching towards 24,900, while the crucial support for the 50-stock index has now shifted above the 24,300 mark.
Regarding stocks to buy today, Vaishali Parekh recommended buying these three stocks: Coal India Limited, Indraprastha Gas Limited (IGL), and Arvind.
On the outlook of the Nifty today, Parekh stated that the Nifty 50 index continues to make new highs but witnessed some consolidation near the 24,650 zone overall, indicating sluggish movement with bias and sentiment maintained positive.
The index is slowly inching ahead, with the next target of 24,900 expected in the coming days, with the 24,300 zone as the immediate support level.
The Bank Nifty index has been resisting near the 52,700 zone for quite some time and would need a decisive breach above that zone to continue again with the uptrend and scale for targets of 53,500 and 55,100 levels.
The immediate support would be near the 51,900 zone, which needs to be watched closely.
Parekh added that Nifty today has immediate support at 24,500 while the resistance is at 24,700. The Bank Nifty would have a daily range of 52,000 to 52,800 levels.
Vaishali Parekh's stock recommendations today: 1] Coal India: Buy at ₹512.50, target ₹535, stop loss ₹500; 2] IGL: Buy at ₹540.75, target ₹565, stop loss ₹528; and 3] Arvind: Buy at ₹384, target ₹400, stop loss ₹376.
Source: Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 18