Bullish Momentum Continues: Vaishali Parekh Recommends Three Stocks to Buy Today
Written by Sanjay Kumar
Market Highlights
- Indian stock market witnesses a strong upside, with Nifty 50 gaining 95 points to close at 19,889 levels.
- Vaishali Parekh predicts a bullish trend as Nifty 50 breaks out at 19,850 levels, setting sights on 20,000 and 20,200 levels.
- Vaishali Parekh recommends buying L&T Finance, Hindustan Copper, and Concor with specific entry, target, and stop-loss levels.
After experiencing early morning volatility, the Indian stock market rallied in the later half of the day, closing with significant gains on Tuesday (November 28). The Nifty 50 index surged 95 points to reach 19,889 levels, while the BSE Sensex climbed 204 points to close at 66,174. The Bank Nifty index also saw an upward movement, finishing 111 points higher at 43,880 levels. Despite broader market indices rising less than the Nifty, the advance-decline ratio remained robust at 1.12:1.
Intraday Outlook for Wednesday
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed optimism about the bullish shift in the Indian stock market’s mood following the breakout at 19,850 levels for the Nifty 50 index. Parekh believes the index is poised to reach 20,000 and 20,200 levels. Providing insights into potential opportunities, Parekh recommended three stocks to buy today: L&T Finance, Hindustan Copper, and Concor.
Nifty 50 and Bank Nifty Analysis
Discussing the outlook for Nifty 50, Parekh stated, “Nifty finally indicated a breakout above the tough resistance barrier of 19,850 zones to improve the bias.” She anticipates a retest of the previous peak at 20,200 levels and highlighted visible targets at 20,000 and 20,222 levels. The crucial support zone is identified between 19,800 and 19,850.
For Bank Nifty, Parekh noted a gradual pullback to the 50EMA level of 43,900 and emphasized the need for a decisive breach above the significant 200-period MA of 44,400 to confirm the positive trend. She expressed confidence in further upward movement upon confirmation.
Key Levels and Support/Resistance
Parekh provided key levels for the day, mentioning that Nifty’s immediate support is at 19,800, with resistance at 20,000. Bank Nifty is expected to have a daily range of 43,600 to 44,200 levels.
Stock Recommendations
Vaishali Parekh’s stock recommendations for the day are as follows:
L&T Finance
Buy at ₹144.75
Target: ₹152
Stop Loss: ₹142
Hindustan Copper
Buy at ₹168.70
Target: ₹176
Stop Loss: ₹165
Concor
Buy at ₹766.85
Target: ₹793
Stop Loss: ₹756
Investors are advised to carefully consider these recommendations and implement risk management strategies while trading in the current market conditions.