Vaishali Parekh Identifies Key Intraday Stocks Amid Market Rebound
Indian Stock Market Update
The Indian stock market opened with an upside gap on Friday, driven by strong global market bias and gains in Asian market peers. The key benchmark indices, Nifty 50 and BSE Sensex, saw a significant increase in their opening prices.
Market Performance
- Nifty 50 opened at 23,110 and touched an intraday high of 23,319.
- BSE Sensex opened at 74,559 and regained the psychological 75,000 mark by hitting an intraday high of 75,204.
- Bank Nifty index touched an intraday high of 54,382 after a gap-up opening at 53,548.
Market Outlook
According to Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, the Indian stock market sentiment will remain cautious to negative until the Nifty 50 index closes above 23,800. The index has major support near 22,700, while the resistance is at 23,300.
Stock Recommendations
Vaishali Parekh recommends buying the following stocks for intraday trading:
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
- Praj Industries: Buy at ₹318, Target ₹330, Stop Loss ₹313
- Power Grid Corporation: Buy at ₹303, Target ₹310, Stop Loss ₹298
- Siemens: Buy at ₹3159, Target ₹3300, Stop Loss ₹3100
Investor Takeaway
Investors should consider buying stocks in anticipation of a relief rally.
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
