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The Indian stock market experienced a remarkable rebound on Friday, snapping a five-day losing streak and surging to new highs. The Nifty 50 index soared to a record peak of 24,861, closing 428 points higher, while the BSE Sensex also saw a significant surge, skyrocketing 1,292 points to close at 81,332. This bullish momentum was further fueled by a robust performance in the Bank Nifty index, which ended 407 points higher at 51,295. The positive sentiment was reflected in increased cash market volumes on the NSE, up 5.7 percent, with the mid-cap index outperforming the Nifty 50 index and maintaining a positive advance-decline ratio at 2.07:1.
This surge in the Indian stock market has prompted Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, to express her confidence in the market's improved sentiment. She highlights the Nifty 50 index's attainment of a new peak as a strong indicator of this positive shift. Prabhudas Lilladher's expert analysis suggests that the Bank Nifty's successful move past the crucial 50-EMA of 50,950 zones and its closure above 51,000 has significantly enhanced the bullish bias, setting the stage for further upward movement.
Parekh has recommended three specific stocks for investors to consider buying today. These stocks include State Bank of India (SBI), Samvardhana Motherson, and NMDC. This selection reflects Parekh's belief in the potential of these companies to capitalize on the current positive market conditions. She suggests buying SBI at ₹862.45, with a target price of ₹895 and a stop loss at ₹844. For Motherson, she recommends buying at ₹496.40, targeting ₹205 with a stop loss at ₹192. Lastly, for NMDC, she advises buying at ₹238.55, aiming for a target price of ₹250 and setting a stop loss at ₹232.
Source: Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 29