2 hrs ago
Analysts Name Stocks to Buy Amid Cautious Indian Markets
Indian shares fell after the country’s central bank raised interest rates.
A weaker rupee also made investors more cautious.
The Nifty and Sensex both ended lower.
Two market analysts shared ideas for stocks they think investors could consider buying.
Vaishali Parekh named three stocks, while Sumeet Bagadia named five.
They also gave prices to buy at, possible target prices and stop-loss levels.
Their views on important market levels were not identical.
These are the analysts’ recommendations, not a guarantee that the stocks will rise.
After the Reserve Bank of India raised rates by 25 basis points, the Nifty 50 fell 0.76% to 22,603 and the Sensex fell 0.59% to 72,638.
The rupee’s continued weakness also weighed on sentiment; PSU Banks and Media gained, while Metal, Realty, Auto and IT lagged.
Vaishali Parekh said the Nifty remained cautious within a 22,000–23,000 range and recommended Balrampur Chini, Bluestone and Kotak Mahindra Bank.
Sumeet Bagadia described market momentum as subdued but showing some stabilisation, and recommended Jyothy Labs, Chalet Hotels, Orkla India, Union Bank and PNB Housing Finance.
The analysts cited different technical levels: Parekh identified Nifty support near 22,200 and Bank Nifty support near 53,000, while Bagadia placed Nifty support at 22,500–22,550.
- Who
- Market analysts Vaishali Parekh and Sumeet Bagadia gave stock recommendations.
- What
- They recommended eight stocks and discussed the cautious market outlook.
- Where
- The Indian stock market.
- When
- The recommendations were described as being for that day; the articles do not give a calendar date.
- Why
- The market was under pressure following a 25-basis-point RBI rate hike and continued weakness in the rupee.
Vaishali Parekh
Sumeet Bagadia
Nifty 50 support and resistance
Vaishali Parekh
Parekh described a broader 22,000–23,000 range, with support near 22,200 and a decisive break above 23,000 needed to establish upward conviction.
Sumeet Bagadia
Bagadia identified nearer support at 22,500–22,550 and immediate resistance at 22,750–22,800.
Market momentum
Vaishali Parekh
Parekh said the market remained cautious and that further developments were needed to clarify direction.
Sumeet Bagadia
Bagadia also described subdued momentum, but cited RSI readings and derivatives indicators as suggesting some short-term stabilisation alongside elevated volatility.
Key facts
- RBI rate move
- Raised rates by 25 basis points and shifted its stance to “calibrated tightening.”
- Nifty 50 close
- 22,603, down 0.76%.
- Sensex close
- 72,638, down 0.59%.
- Parekh's recommendations
- Balrampur Chini: buy ₹708, target ₹745, stop loss ₹685; Bluestone: ₹830, ₹880, ₹800; Kotak Mahindra Bank: ₹440, ₹470, ₹428.
- Bagadia's recommendations
- Jyothy Labs: buy ₹191, target ₹210, stop loss ₹182; Chalet Hotels: ₹847, ₹920, ₹812; Orkla India: ₹563, ₹617, ₹535; Union Bank: ₹173, ₹190, ₹165; PNB Housing Finance: ₹1,131, ₹1,250, ₹1,075.
- Parekh's Nifty view
- A broader range of 22,000–23,000, with support near 22,200; she said a decisive move above 23,000 would be needed for greater upward conviction.
- Bagadia's Nifty levels
- Support at 22,500–22,550 and immediate resistance at 22,750–22,800.
Quotes
Vaishali Parekh
Vice President of Technical Research at Prabhudas Lilladher
“The Nifty 50 index would have the crucial support near the 22,200 zone on the downside and on the upside, as mentioned earlier, a decisive breach above the 23,000 level is necessary to establish conviction and clarity for further upward move.”
livemint.com
“RSI stood at 40.87, above its average of 37.99 but still below the neutral 50 mark, keeping the broader momentum subdued while suggesting some short-term stabilisation.”
livemint.com
Sources
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