Indian Stock Market Hits New Highs: Expert Recommends Stocks to Buy Today
The Indian stock market witnessed a rally in banking stocks on Tuesday, leading to a positive end to the trading day. The Nifty 50 index reached a new lifetime high for the 34th time in 2024, closing at the 23,721 mark. The BSE Sensex also saw a significant increase of 712 points, ending at 78,053, while the Bank Nifty index soared by 902 points to close at 52,606. Despite this, broad market indices ended marginally in the negative, with the advance-decline ratio falling to 0.80:1.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, shared her insights on the market outlook and recommended three stocks to buy today. Parekh highlighted that the Nifty 50 index has shown a breakout at 23,650, indicating a positive bias in the market. She suggested that breaching the 23,800 mark could lead the index to its next target of 24,500. Parekh’s top stock picks for the day include Apollo Tyre, L&T Finance, and Arvind Fashions.
Looking ahead, Parekh expressed optimism about the market’s performance. She mentioned that the Nifty has displayed strong positive candle formations on the daily chart, signaling a potential rise in the coming sessions. The Bank Nifty also showed strength, with frontline private banks like ICICI Bank, Axis Bank, and HDFC Bank indicating positive momentum for higher targets.
Parekh outlined the support and resistance levels for the Nifty and Bank Nifty, providing a daily range for traders to consider. She also shared specific recommendations for each stock, including buy prices, target prices, and stop losses. However, she advised investors to consult with certified experts before making any investment decisions.
As the Indian stock market continues to reach new highs, investors are closely monitoring expert recommendations and market trends to make informed decisions. With the guidance of professionals like Vaishali Parekh, traders can navigate the volatile market and capitalize on potential opportunities for growth.
