The Indian stock market is currently showing signs of recovery, making it an opportune time for investors to explore potential trading opportunities. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three promising stocks to consider for today’s trading session. With the Nifty 50 index exhibiting bullish trends, discerning investors might find advantageous prospects in these suggested stocks.
Current Market Overview
On October 29, 2024, the benchmark indices, Sensex and Nifty 50, witnessed a significant rebound. The Nifty 50 closed 0.52% higher at 24,466.85 points, while the BSE Sensex advanced 0.45% to 80,369.03 points. This recovery primarily stemmed from strong performances by major players such as Reliance Industries and HDFC Bank. Parekh noted that the Nifty has established support at 24,350 points and faces resistance around 24,650 points. The Bank Nifty is anticipated to trade within a range of 51,800 to 53,000 points today.
Recommended Stocks to Buy
- Indian Oil Corporation Ltd (IOC)
- Buy at: ₹144
- Target Price: ₹155
- Stop Loss: ₹140
Indian Oil Corporation continues to be a dominant force in the energy sector, benefiting from consistent demand and favorable regulatory policies that support its growth.
- Coal India Ltd (COALINDIA)
- Buy at: ₹445
- Target Price: ₹480
- Stop Loss: ₹435
As one of the largest coal producers globally, Coal India is strategically positioned to take advantage of rising energy demands and ongoing infrastructure projects.
- GMR Airports Infrastructure Ltd (GMRINFRA)
- Buy at: ₹79
- Target Price: ₹85
- Stop Loss: ₹76
With the ongoing recovery in air travel and numerous airport expansion initiatives, GMR Airports Infrastructure is well-positioned for growth in the upcoming quarters.
Market Sentiment and Technical Analysis
Parekh emphasizes that the Nifty has demonstrated consolidation while holding support near the 24,100 zone, indicating a prevailing bullish sentiment in the market. Should the index decisively breach the 24,700 zone, it could pave the way for an upward movement toward the next target of 25,200 levels. The Bank Nifty, showing strength, closed above the significant 52,000 zone, with potential targets reaching up to 53,500 levels.
Conclusion
With the Indian stock market exhibiting positive momentum and strategic recommendations from Vaishali Parekh, investors may discover lucrative opportunities in Indian Oil Corporation, Coal India, and GMR Airports Infrastructure. It’s essential for investors to perform their own due diligence and consider the market landscape prior to making any trading choices. Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of this publication. Investors are advised to consult with certified experts before making any investment decisions.