Vaishali Parekh's Stock Picks Before Jerome Powell's Jackson Hole

Vaishali Parekh's Stock Picks Before Jerome Powell's Jackson Hole
  • Indian stock market shows strength above 25,000, resistance at 25,150.
  • Vaishali Parekh recommends buying ICICI Bank, Coforge, Sula Vineyards.
  • Powell's Jackson Hole speech anticipated; could influence market direction.

The Indian stock market has displayed a bullish trend, marking its sixth consecutive day of gains. The Nifty 50 index climbed 33 points to close at 25,083, while the BSE Sensex rose 142 points to reach 82,000. The Bank Nifty index also saw an increase of 56 points, settling at 55,755. Among the sectoral indices, Nifty IT, FMCG, and Realty stood out as major gainers. Conversely, Nifty Media, Pharma, and Financial Services experienced losses during the trading session. Notable performers within the Nifty pack included IT giants Infosys, TCS, and Nestle. However, Bharat Electronics (BEL), Shriram Finance, and Bajaj Finance faced a challenging session, ending as the major losers. Trading volumes in the NSE cash market showed a 10% increase compared to the previous session, indicating heightened investor activity. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the Indian stock market bias remains strong, as the Nifty 50 index continues to sustain above the 25,000 level. However, Parekh cautions that the index is encountering resistance at the 25,150 level. According to the Prabhudas Lilladher expert, breaking above this resistance could trigger a fresh bull trend on Dalal Street. Parekh's analysis suggests that the Nifty 50 index is currently in a rangebound session, maintaining its position above the 25,000 zone but facing resistance near the 25,150 level. Despite this resistance, she believes the overall bias is improving, and further upward movement can be expected in the coming days, with sentiment also easing out. Parekh identifies the 50-DEMA level near the 24,850 zone as strong near-term support for the index. On the upside, she emphasizes the need for the index to breach the important hurdle of the 25,250-25,300 zone to establish further stability and conviction for sustained upward movement in the future. Regarding the Bank Nifty index, Parekh notes that it remained subdued, hovering near the important 50-DEMA zone at the 55,800 level and experiencing a rangebound session that ended on a flat note. She reiterates the need for a decisive breach above the 56,200 zone to improve the bias and pave the way for further upward movement in the coming days. On the downside, she identifies the 55,000 level as a critical support zone that must be sustained to maintain the overall bias intact. Parekh outlines the immediate support for the Nifty 50 index at 24,900, with resistance at 25,300. She anticipates a daily range of 55,300-56,200 for the Bank Nifty. In addition to the overall market outlook, Vaishali Parekh has provided specific stock recommendations. She suggests buying ICICI Bank at ₹1447, with a target price of ₹1470 and a stop loss at ₹1430. For Coforge, she recommends buying at ₹1720, with a target price of ₹1800 and a stop loss at ₹1690. Finally, for Sula Vineyards, she advises buying at ₹255, with a target price of ₹280 and a stop loss at ₹245. These recommendations are based on her technical analysis and are intended to provide investors with potential trading opportunities.

Source: Buy or sell: Vaishali Parekh recommends three stocks to buy before Jerome Powell's Jackson Hole speech

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