Following robust global market sentiments preceding the release of US inflation data, Vaishali Parekh Recommends Indian stock market concluded higher after trading range-bound on Thursday. The Nifty 50 index gained 28 points, closing at 21,647, while the BSE Sensex rose by 63 points, reaching 71,721. Additionally, the Bank Nifty index closed 77 points higher at 47,438. Broad market indices outpaced the Nifty, with an advance-decline ratio of 1.65:1.
Intraday Tips for January 12: Vaishali Parekh’s Insights
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, suggests that the Nifty 50 index is encountering resistance within the 21,700 to 21,750 zone. The current Nifty range is between 21,450 and 21,750. A decisive breach on either side of this range will determine a bullish or bearish trend, according to Parekh.
Outlook for Nifty 50 Today
Parekh notes that the Nifty 50 index has faced resistance around 21,700 to 21,750 levels, maintaining a range between 21,450 and 21,750 for an extended period. A decisive move beyond this band is crucial to confirm a directional trend in the coming days. The index reveals a rising channel pattern on the daily chart, with support near 21,500 and potential upside to 22,100 upon breaching the 21,800 zone.
Bank Nifty Analysis
Bank Nifty has been moving sideways, facing resistance near the 47,650 zone, with 47,000 as the crucial support. A breakthrough above the 48,000 to 48,200 zone is essential for confirming further upward movement.
Key Levels
For the Nifty 50 index, immediate support is at 21,500, while resistance is seen at 21,800 levels. Bank Nifty is expected to have a daily range of 47,100 to 47,800 levels.
Stock Recommendations by Vaishali Parekh
- KRBL: Purchase at ₹382.50, aim for ₹400, with a stop loss set at ₹376.
- RCF: Buy at ₹170.20, target ₹177, stop loss ₹167
- Godrej Consumer Products: Acquire at ₹1155, set a target of ₹1210, and establish a stop loss at ₹1135.
*Disclaimer: The views and recommendations are those of individual analysts or broking companies, not Mint. Investors are advised to consult certified experts before making investment decisions.*
As investors navigate the complexities of the market, adaptability and strategic decision-making become paramount. The recommended stocks provide opportunities for intraday trading, but market participants should exercise caution and conduct thorough analysis before making investment decisions.
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