Vaishali Parekh Recommends Three Intraday Stocks to Watch on November 22
Written by Sanjay Kumar
Highlights
- Sensex up 0.42%, Nifty 50 rises 0.45% on November 21.
- Nifty remains range-bound, BankNifty eyes 44,000 for bias improvement.
- Parekh recommends Ashok Leyland, ENGINEERS, and VIP INDS for intraday trading.
Domestic indices exhibited positive momentum on Tuesday, November 21, with notable gains in key players such as HDFC Bank and Reliance Industries, despite mixed global cues. The Sensex closed at 65,930.77, reflecting a rise of 276 points (0.42%), while the Nifty 50 concluded at 19,783.40, up by 89 points (0.45%). Although mid and smallcaps also experienced gains, they lagged behind the benchmark indices, with the BSE Midcap index gaining 0.14% and the Smallcap index rising 0.20%.
Intraday Outlook for Wednesday:
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, provided insights into the intraday outlook for Wednesday. Nifty opened on a positive note, maintaining a slightly upward trajectory. The index remained range-bound, encountering resistance near the 19,850 zone but ultimately closed in the green around 19,800 levels with a sustained positive bias. Parekh highlighted the persistent consolidation between the 19,850 and 19,600 zones, emphasizing the need for a decisive breach on either side to confirm a clear directional move.
BankNifty Analysis:
Parekh also assessed the performance of BankNifty, noting that it traded flat after opening in the green near the 43,700 zone. To improve the overall bias, a decisive breach above the significant 50EMA level at 44,000 is essential, according to Parekh. She underscored the importance of the support zone near 43,300, represented by the 200-period MA, stating that a breach below this level could weaken the trend and turn bearish. The daily support for Bank Nifty is identified at 43,400, with resistance at 44,000.
Stock Recommendations:
Vaishali Parekh recommended three stocks for intraday trading on November 22:
Ashok Leyland
Buy at ₹178
Stoploss at ₹175
Target at ₹187
ENGINEERS
Buy at ₹146.45
Stoploss at ₹143
Target at ₹155
VIP INDS
Buy at ₹633.35
Stoploss at ₹624
Target at ₹667
Parekh emphasized that Nifty’s immediate support is positioned at 19,650, with resistance observed at 19,900 levels. Meanwhile, Bank Nifty is anticipated to have a daily trading range between 43,400 and 44,000 levels. Traders are advised to monitor these levels closely for potential breakout opportunities.