Market Insights:Vaishali Parekh's Top Stock Picks For Nov 21

Market Insights: Vaishali Parekh’s Top Stock Picks for November 21 – Buy or Sell?

Written by Sanjay Kumar

Highlights

Market Mixed: Indian indices close mixed as Nifty 50 ends 37 points lower while Nifty Bank finishes marginally higher on choppy trade.
Technical Outlook: Vaishali Parekh recommends caution, citing Nifty’s crucial support at 19,600 and a need to breach 19,850 for a fresh bull trend.
Intraday Picks: Parekh suggests Mastek, Rico Auto, and Indus Towers for intraday trading with specific buy, target, and stop-loss levels.

After a day of choppy trade, the Indian stock market indices closed mixed on Monday, November 20. The Nifty 50 index ended 37 points lower at 19,694 levels, while the BSE Sensex shed 139 points, closing at the 65,655 mark. However, the Nifty Bank index finished marginally higher at 43,584 levels. The small-cap index closed in the positive, with the advance-decline ratio softening to 1.09:1.

Technical Insights from Vaishali Parekh for Intraday Trading on Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, provided insights for intraday trading on Tuesday. She emphasized that the Nifty 50 index has crucial support at 19,600 levels. Despite facing a hurdle at 19,850 levels, Parekh expressed optimism, stating that positive sentiments on Dalal Street are maintained as the key benchmark index remains above 19,600 levels.

Outlook for Nifty Today

Parekh discussed the current outlook for Nifty, highlighting its consolidation near the 19,700 zone. She pointed out a crucial Inside Bar candle pattern and noted tough resistance near the 19,800 zone. The support zone is maintained at 19,650. Nifty is currently moving sideways, awaiting a decisive breach on either side for confirmation of a clear directional move.

Bank Nifty Analysis and Support Levels

Bank Nifty witnessed a flat closing with a Doji pattern on the daily chart, taking support near the 43,450 zone. Parekh cautioned about its precarious position, with bias hovering near the weak zone. The index has important support near the 43,300 zone of the 200-period MA. A decisive breach below this level could further weaken the trend and turn bearish.

Immediate Support and Resistance Levels

For Nifty, immediate support is placed at 19,600 levels, while resistance is seen at 19,850 levels. Bank Nifty is expected to have a daily range of 43,200 to 43,900 levels.