Vaishali Parekh Suggests Three Stocks for Potential Investment

Indian Stock Market Extends Losing Streak Amid Global Uncertainty

The Indian stock market continued its downward trend for the second consecutive session on Thursday, as global uncertainty surrounding the opening of the Strait of Hormuz intensified. The key indices of the Indian stock market suffered significant losses, with the Nifty 50 index correcting 205 points and closing at 24,173. The BSE Sensex crashed 852 points and closed at 77,664, while the Bank Nifty index nosedived 819 points, finishing at 56,305.

The weakness in the market was primarily led by rate-sensitive and cyclical sectors, with banking and auto stocks emerging as key drags. Heavyweights in these sectors witnessed sustained selling pressure, with Union Bank of India declining sharply due to concerns over weak core income, margin compression, and a significant spike in provisions.

However, some sectors showed resilience, with the pharmaceutical space attracting defensive buying. Dr. Reddy's Laboratories witnessed a strong rally on expectations of regulatory progress and its positioning as a safe-haven sector during volatile phases. Jio Financial Services also outperformed, supported by strategic developments, including its joint venture with Allianz Group, which strengthens its long-term growth narrative in the insurance segment.

Read also: Paysimple Games Files Rs 3,150 Crore IPO, MTGx to Reduce Stake

Market Outlook

The Gift Nifty live chart is signalling a positive start for the Indian stock market today. The index opened flat but soon gathered positive momentum, touching an intraday high of 24,262 and logging an intraday gain of around 0.50% during the early morning deal on Friday.

Technical Analysis

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the Indian stock market bias is cautious. According to her, the Nifty 50 index is finding resistance around 24,500 and has strong support at 23,900. A bullish or bearish trend can be assumed on a break above or below this range.

Read also: Infosys Stock Takes Cautious Turn as Brokerages Flag Weak Guidance Amid Q4 Earnings Beat

Stock Recommendations

Vaishali Parekh has recommended three intraday stocks to buy or sell:

These recommendations are based on the current market conditions and technical analysis. However, it is essential to note that the market is subject to various factors, and these recommendations should not be considered as investment advice.