Stock Market Guide For August 29: Vaishali Parekh Recommends

Stock Market Guide for August 29: Vaishali Parekh recommends three stocks to buy today

In a decisive turnaround, the Indian stock market managed to break its two-day losing streak, riding on the back of robust global market sentiments. The National ge’s benchmark index, NSE Nifty, made an impressive gain of 40 points to close at 19,306 levels. Similarly, the BSE Sensex climbed by 110 points, reaching a closing mark of 64,996. Notably, the Bank Nifty index surged significantly by 263 points to conclude the day at 44,494 levels. The broader market indices outperformed the Nifty, maintaining an advance-decline ratio above 1:1.

Intraday Trading Strategy for Tuesday (August 29)

Vaishali Parekh, VP — Research at Prabhudas Lilladher, Offers Insights

According to Vaishali Parekh, Vice President — Research at Prabhudas Lilladher, the Nifty showcased consolidation within the range of 19,200 to 19,400. A noteworthy rebound was observed near the 19,230 levels. Parekh suggests that breaching the 19,400 level would lend further strength to the upward trend. In her assessment, three intraday stocks hold potential for today: GHCL, Navin Fluorine, and Confidence Petroleum.

Parekh’s perspective on the Nifty’s outlook suggests that the index experienced a commendable pullback from the previous day’s low point, around the 19,230 range. The Nifty concluded the day above 19,300 and has demonstrated consolidation within 19,200 to 19,400 for a substantial period. Parekh reiterates that surpassing the 19,400 levels decisively would reinvigorate the bullish trend, while a breach below the 19,200 to 19,230 range could weaken the bias.

Bank Nifty Shows Resilience with Positive Bias

The Bank Nifty sustained its position above the 44,500 range, exhibiting resilience post a decent recovery from 44,200 levels. Encouragingly, banks such as HDFC Bank, PSU Banks, and Kotak Bank displayed improved bias, contributing to an optimistic outlook for Bank Nifty in forthcoming sessions. Parekh emphasizes that the support level for the day lies at 64,500/19,200, while resistance is anticipated around 65,450/19,380. The Bank Nifty’s projected daily range stands between 44,000 and 45,000 levels.

Top Intraday Stocks to Consider

As highlighted by Vaishali Parekh, the following intraday stocks are recommended for consideration today:

GHCL: Buy at ₹539, with a target of ₹580 to ₹600 and a stop loss at ₹519.
Navin Fluorine: Buy at ₹4509, with a target of ₹5000 and a stop loss at ₹4200.
Confidence Petroleum: Buy at ₹92.40, with a target of ₹120 and a stop loss at ₹80.

Please note that these recommendations are based on the insights provided by market experts and should be considered with appropriate research and risk assessment.