Vaishali Paresh of Prabhudas Lilladher suggests two stocks to buy today, September 26.

  • Sept. 26, 2022, 1:22 p.m.

Following weak global sentiments following the US Fed's interest rate hike, the Indian stock market closed in the red for the third consecutive session on Friday. The Sensex dropped 1020 points to 58,098 while the Bank Nifty dropped 1084 points to 39,546.Vaishali Parekh, Vice President-Technical Research at Prabhudas Lilladher, believes that major support for the Nifty 50 index lies at 17,000 levels and more weakness can be expected if this crucial 200 DMA support is broken.

Today's stock market outlook: Key indices

Speaking on the Nifty 50 index, Vaishali Parekh of Prabhudas Lilladher said, "Nifty witnessed heavy selling pressure and tanked, losing 300 points, breaking below the 17500 zone to touch the important support zone of 17300 levels, with bias overall turning weak and stocks witnessing heavy profit booking shedding their gains. From here on, the next crucial support level lies near the significant 200DMA level of 17000, which if broken would further weaken the trend.

"Bank Nifty also crashed heavily in comparison to Nifty, shedding more than 1000 points and closing near the 39,500 zone with the weekly trend turning down after 11 weeks and the bias turning weak. However, the support for the day is seen at 17,200 while the resistance is seen at 17,500. " Vaishali Parekh said that the Bank Nifty would have a daily range of 39,000 to 40,000 levels.

Vaishali Parekh's recommendations

Vaishali Parekh of Prabhudas Lilladher said that the crucial support zone of 17,500 to 17,300 is turning weak and the next major support zone for the 50-stock index is placed at 17,000 levels. The bias for both the Nifty and the Bank Nifty, according to expert Prabhudas Lilladher, is weak, and any small rise in the index could be a relief rally only.On stocks to buy or sell today, Vaishali Parekh recommended 2 stocks to buy today—Voltas and NIIT.

Here we list out full details with regard to stocks recommended by Vaishali Parekh of Prabhudas Lilladher:

1] Voltas: Buy at 900 with a 945 target and an 880 stop loss; and

2] NIIT: Buy at 320 with a target of 338 and a stop loss of 312.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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