Nifty Falls, Vaishali Parekh Suggests Three Stocks to Purchase Amid Decline

Indian Stock Market Falls Amid Weak Global Cues and Geopolitical Concerns

The Indian stock market remained under pressure throughout the Friday session, finishing lower due to weak global cues and renewed geopolitical concerns. The key benchmark indices, including the Nifty 50 and the BSE Sensex, saw significant declines.

The Nifty 50 index finished 150 points lower at 24,176, while the BSE Sensex crashed 516 points and closed at 77,328. The Bank Nifty index nosedived 736 points, closing at 55,310. The weakness was largely led by banking and financial stocks, while IT and pharma showed relative resilience. Broader markets, however, outperformed the benchmarks, with midcap and smallcap indices ending flat to marginally positive, reflecting continued stock-specific interest.

Market Outlook

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Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously positive. However, Prabhudas Lilladher predicted a gap-down opening on Dalal Street, as the Gift Nifty index is trading red, down over 190 points in the early morning session.

According to Parekh, the Nifty 50 index is hovering near the 50-EMA level at the 24,200 zone, which would need to sustain above the near-term support of the 24,000 level as mentioned earlier. The important support zone is positioned near the 23,800 level, which needs to be sustained as of now to maintain the overall bias intact.

Bank Nifty Outlook

On the outlook of the Bank Nifty today, the Prabhudas Lilladher expert said the index witnessed a weak session, sliding down on the back of poor SBI results, which dragged the index to close near the 55,300 level, with bias currently maintained with a cautious approach. The important near-term support at the 54,400 level needs to be sustained to maintain the overall trend intact.

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Stock Recommendations

Vaishali Parekh's stock recommendations for today include:

1. Morepen Laboratories: Buy at ₹45.70, Target ₹48, Stop Loss ₹44.
2. Reliance: Buy at ₹1340, Target ₹1380, Stop Loss ₹1325.
3. AU Small Finance Bank: Buy at ₹1050, Target ₹1070, Stop Loss ₹1035.