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Vaishali Parekh's stock recommendations: The key benchmark indices of the Indian stock market remained under pressure despite stronger-than-expected domestic industrial output, as Brent crude neared $105 a barrel and the US 10-year bond yield, around 5.25%, continued to present a challenging backdrop for domestic risk assets. Elevated crude prices threaten to add to inflationary pressures and weigh on the rupee, while higher US Treasury yields increase the relative attractiveness of dollar-denominated assets. Unless both begin to moderate, foreign portfolio flows could remain subdued, and recovery attempts may struggle to gain lasting traction. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index would need a decisive breach above the 23,100 zone to establish conviction and clarity for Dalal Street bulls. She said that bulls' sentiment for a trend reversal took a dent, as the Nifty 50 and Sensex today failed to sustain higher levels and closed in the red. Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index witnessed some revival in the first half of the session but found resistance near the 22,800 zone and fizzled out to end in the red near 22,600 zone with bias and sentiment weakening further having the psychological and important support zone of 22,000 level which needs to be sustained failing which the overall trend would turn weak. “To improve the bias from the current rate, the Nifty 50 index would need a decisive breach above the 23100 zone to establish conviction and clarity,” said Parekh. On the outlook of the Bank Nifty index, Vaishali Parekh of Prabhudas Lilladher said, the key benchmark index indicated a positive start during the session and touched the 55100 zone with frontline banking stocks like ICICI Bank, Kotak Bank and Axis Bank showing some revival with some optimistic views anticipating the coming sessions. As mentioned earlier, the index would have crucial support near the 53000 zone, which needs to be sustained; failing that, the trend would turn weak. “On the upside, a decisive move above the hurdle at the 55,800 level is necessary to improve the bias and establish conviction for further progress,” said Parekh. Regarding buy-or-sell stocks for Thursday, Vaishali Parekh recommended these three stocks: Vedanta, DLF, and Aegis Logistics. 1] Vedanta: Sell at ₹258 | Target ₹240 | Stop Loss ₹268; 2] DLF: Buy at ₹666 | Target ₹685 | Stop Loss ₹650; and 3] Aegis Logistics: Buy at ₹1370 | Target ₹1420 | Stop Loss ₹1340. Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions. Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91). Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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