Nifty Opens Lower, Vaishali Parekh Suggests Three Stocks for Bullish Investors
Indian Stock Market Finishes Subdued on Wednesday
The key benchmark indices of the Indian stock market finished on a subdued note on Wednesday, following mixed global cues. The Nifty 50 index ended marginally lower at 23,907, while the BSE Sensex finished 141 points lower at 75,867. The Bank Nifty index corrected 239 points and closed at 54,853.
Sectoral participation remained mixed, with energy, metals, and auto stocks performing well, while financials and private banking counters traded under pressure. Broader markets also displayed a mixed trend, with the midcap index gaining around 0.4%, whereas the smallcap index settled largely flat, indicating continued selective participation beyond frontline stocks.
The Gift Nifty Live Chart is signalling a gap-down opening on Dalal Street, with the index trading red, down over 35 points from the spot Nifty close on Wednesday. According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the Nifty 50 index needs to sustain above 23,800 to keep the bullish sentiments intact.
Parekh believes that the Nifty 50 index would need to sustain itself above the near-term support at 23,800, while the important support zone is positioned near 23,800, which needs to be sustained as of now. On the upside, a breach above the 24,000 level shall trigger the next higher targets of 24,200 and 24,400 levels in the coming days.
On the outlook for the Bank Nifty today, Parekh said that the benchmark index continued to trade weak during the session, witnessing steady profit booking near the 50-EMA level of 55,221 in the morning session, and closed near the lower end in the 54,800 zone, with bias and sentiment maintained in a cautious approach.
| Index | Previous Close | Current Close | Change |
|---|---|---|---|
| Nifty 50 | 23,948 | 23,907 | -41 |
| Bank Nifty | 54,992 | 54,853 | -139 |
Regarding stocks to buy today, Vaishali Parekh recommended the following three stocks:
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
- GMR Power: Buy at ₹108, Target ₹118, Stop Loss ₹104
- Pine Labs: Buy at ₹145, Target ₹155, Stop Loss ₹140
- BF Utilities: Buy at ₹570, Target ₹600, Stop Loss ₹560
Investor Takeaway
Investors should consider the mixed cues and sectoral participation to make informed decisions.
More in Market
SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
