Top Stock Picks For Sept 28: Vaishali Parekh Recommendations

Top Stock Picks for September 28: Vaishali Parekh’s Recommendations

Highlights

Indian stock market rebounds, Nifty 50 up 51 points, Sensex gains 173 points.
Prabhudas Lilladher’s Vaishali Parekh recommends three stocks to buy: BHEL, Lemon Tree, and Birlasoft.
Nifty 50’s closing above 19,700 marks a positive trend; Bank Nifty eyes 44,800 for a bullish turn.

After recovering from early morning sell-off, Indian stock market ended higher on Wednesday (September 27).

Market Overview

On September 28, the Indian stock market displayed resilience, rebounding from an early morning sell-off. Key indices closed with gains, with the Nifty 50 index finishing 51 points higher at 19,716 levels, while the BSE Sensex gained 173 points and closed at 66,118. However, the Bank Nifty index ended 35 points lower at 44,588. The broader market indices outperformed the Nifty, with the advance-decline ratio rising to 1.31:1.

Intraday Trading Strategy for Thursday (September 28)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that the sentiments on Dalal Street improved after a pullback rally on Wednesday (September 27). She further stated that the Nifty 50 index closing above the 19,700 zone is a positive sign, and a decisive breach above 19,850 levels would reaffirm an overall positive trend.

Outlook for Nifty 50

Vaishali Parekh commented on the outlook for Nifty 50, stating, “Nifty, after the morning session slide, found support near the significant 19,550 levels. It then staged a decent pullback, significantly improving the bias and sentiment. A close above the 19,700 zone is a positive sign, and a decisive breach above 19,850 levels could lead to a further rise towards 20,200 levels.”

Outlook for Bank Nifty

Similarly, she mentioned, “Bank Nifty maintained support near 44,200 levels and rebounded, closing near the 44,600 zone. This improved the bias, and a decisive breach above 44,800 levels (the important 50EMA zone) would turn the trend positive, potentially leading to further upward movement, with 45,000 as the psychological barrier.” Parekh also provided support and resistance levels, with the support at 19,600 levels and resistance at 19,850 levels for Nifty.

Stocks to Buy Today

Vaishali Parekh recommends three intraday stocks for the day:

BHEL

Buy at ₹126.90
Target: ₹135
Stop loss: ₹123

Lemon Tree

Buy at ₹118.35
Target: ₹126
Stop loss: ₹115

Birlasoft

Buy at ₹491.50
Target: ₹520
Stop loss: ₹483

Investors and traders can consider these stocks for their intraday trading strategies on September 28, 2023, based on Vaishali Parekh’s recommendations.