Investment Insights: Vaishali Parekh’s Stock Picks for October 12
Written by Sanjay Kumar
Following two consecutive sessions of gains, the Indian stock market displayed robust performance on Wednesday (October 11). The Nifty 50 index surged by 121 points, closing at 19,811 levels. The BSE Sensex witnessed a remarkable increase of 393 points, concluding the day at 66,473 points. Meanwhile, the Bank Nifty index posted a gain of 156 points, reaching 44,516 levels. Notably, the small-cap index outperformed the Nifty, with an impressive advance-decline ratio of 1.98:1.
Intraday Trading Strategy for Thursday by Vaishali Parekh
October 12, 2023
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, suggests that Dalal Street’s sentiment has improved further as the Nifty 50 index closed above the crucial 19,800 level. According to Parekh, the near-term strong support for Nifty today is now established at 19,600 levels. She provided recommendations for three stocks to buy today, namely Hero Motocorp, Exide Industries, and Minda Corp.
Outlook for Nifty and Bank Nifty
October 12, 2023
Vaishali Parekh shares her insights on the current market outlook, stating, “Nifty continued its positive momentum by closing above the 19,800 zone, further enhancing the market’s sentiment amid tensions in the Middle East and the commencement of the results season. We anticipate market volatility in the near term. The index’s near-term support zone stands at 19,600, while the near-term target on the upside is expected to be the 20,000 zone.
She further adds, “Bank Nifty displayed positive movement but encountered resistance near the 44,700 zone, leading to stagnation for the rest of the session, eventually closing near the 44,500 level. As previously mentioned, a decisive breakthrough beyond the 44,700 level, specifically the significant 50EMA zone, is required to improve the overall trend and anticipate further upward movement.”
Parekh also notes that Nifty’s immediate support for the day is positioned at 19,700 levels, while resistance is seen at 19,950 levels. For Bank Nifty, the daily trading range is expected to be between 44,200 and 44,900 levels.
Stocks to Buy Today
October 12, 2023
Vaishali Parekh recommends three stocks for investors today:
Hero Motocorp
- Buy at ₹3,100
- Target Price: ₹3,250
- Stop Loss: ₹3,060
Exide Industries
- Buy at ₹263
- Target Price: ₹277
- Stop Loss: ₹259
Minda Corp
- Buy at ₹344
- Target Price: ₹362
- Stop Loss: ₹338
Investors are encouraged to consider these stocks for potential gains in today’s trading session.