Making informed decisions in the stock market is crucial, especially amidst dynamic market conditions. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, shares her recommendations for investors looking to navigate today’s market landscape.

Market Overview:
The Indian stock market indices, Sensex and Nifty 50, surged significantly on April 29, buoyed by robust buying activity particularly in the banking and financial sectors. Sensex soared by 941 points, a 1.28% increase, closing at 74,671.28, while Nifty settled at 22,643.40, up by 223 points or 1%. This positive momentum reflects the overall bullish sentiment driven by strong performances in key sectors during the previous quarter.

Nifty and BankNifty Outlook:
According to Parekh, Nifty has exhibited renewed strength, breaching the 22,650 zone and paving the way for a retest of the previous peak at 22,775 levels. She anticipates further upward movement with targets set at 23,200 and 23,700 levels. The crucial support zone for Nifty is identified at 22,200 levels.

Similarly, BankNifty has witnessed significant gains, reaching an all-time high of 49,473 levels. Parekh suggests potential targets of 50,800 and 53,200 levels for the month ahead. She emphasizes the importance of maintaining the near-term support zone at 47,400 levels to sustain the upward trend.

Stock Recommendations:
Vaishali Parekh recommends three stocks for investors to consider:

  1. L&T Finance: Buy at ₹168.80, with a target of ₹177 and a stop loss at ₹165.
  2. Hindustan Petroleum Corp: Buy at ₹505.65, targeting ₹530, with a stop loss at ₹495.
  3. Godrej Consumer: Buy at ₹1,218, aiming for ₹1,265, and setting a stop loss at ₹1,192.

Disclaimer: Investors are advised to exercise caution and conduct thorough research before making investment decisions. The views expressed here are those of individual analysts or broking companies and do not represent .

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