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Vaishali Parekh's stock recommendations: The key benchmark indices of the Indian stock market extended their slide on Tuesday, with the Nifty 50 and Sensex falling further to fresh six-month lows as the market struggled to stabilise following the sharp correction in the previous session. Selling remained broad-based, with the vast majority of Nifty constituents ending lower, underscoring limited appetite for dip buying and a fragile tone across domestic equities. Crude oil was not the primary catalyst for today’s decline. WTI held above $92 a barrel without a significant move higher, in contrast to the sharp surge in the previous session that had weighed heavily on risk sentiment. Nevertheless, crude prices remain elevated following the recent rally, keeping concerns over India’s import bill and inflation outlook firmly in focus. Weak Asian market cues and continued foreign institutional outflows added to the pressure as global risk appetite remained subdued following the previous session’s geopolitical shock. The rupee also remained volatile and sensitive to global risk conditions, adding to the cautious tone across domestic markets. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index witnessed a weak opening session to continue with the slide further to touch the 22600 zone with bias maintained with a very cautious approach and amid some volatility, closed near the 22700 level with anxious sentiment anticipated for the coming sessions. “The index would have the psychological and important support zone of 22000 level, which needs to be sustained, failing which the overall trend would turn weak. As mentioned earlier, to improve the bias from the current rate, the index would need a decisive breach above the 23100 zone to establish conviction and clarity.” On the outlook for the Bank Nifty index, Parekh said, “The Bank Nifty index once again opened on a weak note arriving near the 53,800 zone and thereafter, with some revival witnessed managed to close near the 54,250 zone with sentiment maintained with a very cautious note having the crucial and major support positioned near the 53,000 zone which needs to be sustained failing which 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,” Parekh added. Regarding stocks to buy, Vaishali Parekh recommended buying these three shares: Vedanta Power, Kotak Mahindra Bank, and Infosys. 1] Vedanta Power: Buy at ₹34 | Target ₹40 | Stop Loss ₹32; 2] Kotak Mahindra Bank: Buy at ₹406 | Target ₹430 | Stop Loss ₹390; and 3] Infosys: Buy at ₹1015 | Target ₹1040 | Stop Loss ₹995. 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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