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Buy or Sell: Vaishali Parekh's Top Stock Picks for Today — May 22
The domestic equity benchmarks Nifty 50 and Sensex traded cautiously and ended flat in the last session amidst weak global cues. As markets anticipate the US Federal Reserve's policy minutes, expert Vaishali Parekh from Prabhudas Lilladher recommends buying BPCL, Cipla, and GNFC for potential gains.
MARKETSINDIA
By Alankrita Shukla
5/22/20241 min read
Market Overview:
In the previous trading session, the Nifty 50 and Sensex exhibited caution, closing with minor changes. Sensex dropped 53 points to 73,953.31, while Nifty 50 edged up by 27 points to 22,529.05. Despite a flat close, the broader markets saw the mid and small-cap indices reach record highs, although the smallcap index eventually closed with a slight loss.
Sector-wise, metals, PSU banks, energy, and media stocks were major gainers, whereas private banks, FMCG, and financial services lagged. The market's volatility index, India VIX, hit a new 52-week high, reflecting increased market uncertainty.
The total market capitalization of BSE-listed companies achieved a historic milestone of $5 trillion, supported by robust buying in mid and small-cap segments.
Intraday Trading Tips:
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, maintains a positive market bias, expecting Nifty 50 to hold the 22,400 level and potentially breach 22,600 for a move towards 22,900. For Bank Nifty, a decisive breach above current levels is required for an upward continuation, with support at 47,400.
Stock Recommendations:
1. Cipla: Buy at ₹1,442 with a target of ₹1,495 and a stop loss at ₹1,412.
2. Bharat Petroleum Corp Ltd (BPCL): Buy at ₹644 with a target of ₹672 and a stop loss at ₹630.
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): Buy at ₹673.35 with a target of ₹700 and a stop loss at ₹660.
Market Outlook:
Vaishali Parekh predicts stability for Nifty 50 around the 22,500 level, with support at 22,400 and resistance at 22,650. For Bank Nifty, she sees a daily range between 47,800-48,400.
Disclaimer:
These views are individual opinions from analysts at Prabhudas Lilladher and not financial advice. Investors should consult certified experts before making any investment decisions due to the rapidly changing market conditions and personal financial situations.