Trading Tips: Vaishali Parekh’s Three Stock Picks for Today – October 10

Written by Sanjay Kumar

In the wake of the recent turbulence in the global markets, seasoned analyst Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, has shared her insights and recommended three stocks for investors to consider on October 10, 2023. Let’s delve into the market overview and her Stock Picks for the day.

Market Overview:

The Indian stock market experienced a challenging day on October 9, 2023, as the ongoing Israel-Palestine war continued to weigh on investor sentiment. The Nifty 50 index closed at 19,512.35, down 141 points, or 0.72%, while the Sensex ended the day at 65,512.39, registering a loss of 483 points, or 0.73%. Investors witnessed a market-cap erosion of approximately ₹4 lakh crore in a single day as concerns over the global economic impact of the geopolitical tensions intensified.

Intraday Trading Strategy for October 10:

Vaishali Parekh has closely analyzed the market’s current dynamics and shares her insights for intraday trading on October 10, 2023:

• Nifty 50 Index:
• Support: 19,400/19,350
• Resistance: 19,650/19,700

According to Parekh, the Nifty 50 has encountered resistance around the 19,675 zone and has formed a lower top on the daily chart. Geopolitical tensions have further weakened the market sentiment, pushing the index towards the critical support level of 19,500. A breach of this level could lead to a weakening trend with the next significant support at 19,200.

• Bank Nifty Strategy:
• Support: 43,400/43,350
• Resistance: 44,200/44,250

The BankNifty, on the other hand, faced profit booking and dipped below the 44,000 zone, closing near the support level of 43,800. Parekh emphasizes that maintaining the key level of 43,400 is vital to avoid intensified selling pressure in the index. The daily trading range for Bank Nifty is expected to be between 43,400 and 44,200 levels.

Stock Picks for October 10:

Vaishali Parekh suggests the following three stocks for investors to consider on October 10, 2023:

1. TVS Motor

• Buy at: ₹1,522
• Stop Loss: ₹1,490
• Target: ₹1,600

2. Maharashtra Seamless

• Buy at: ₹620.5
• Stop Loss: ₹608
• Target: ₹650

3. Tata Coffee

• Buy at: ₹258
• Stop Loss: ₹253
• Target: ₹272

Please note that investing in the stock market involves risks, and it is crucial to conduct your research and consult with a financial advisor before making any investment decisions. Market conditions can change rapidly, and it’s essential to stay informed and cautious while trading in volatile times.

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The post Trading Tips: Vaishali Parekh’s Three Stock Picks for Today – October 10 first appeared on Business Connect Magazine.