Vaishali Parekh Recommends Three Stocks to Buy on October 13

Written by Sanjay Kumar

Highlights

• Indian stock market closes lower, Nifty 50 at 19,794 and BSE Sensex at 66,408 on October 12.
• Vaishali Parekh suggests buying GAIL, Cyient, and Shankara Building for intraday trading.
• Nifty maintains support at 19,600 with a target of 20,000; Bank Nifty’s daily range is 44,300-45,000.

The Indian stock market witnessed a halt to its two-day rally as it closed lower on Thursday, October 12. The Nifty 50 index retreated by 17 points, concluding the day at 19,794 levels, while the BSE Sensex shed 64 points to end at 66,408. However, the Nifty Bank index bucked the trend, finishing 82 points higher at 44,599 levels. The small-cap index also showed resilience, rising by 0.6%, despite the advance-decline ratio falling to 1.38:1.

Intraday Trading Strategy for Friday:

Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, provided insights into the market’s short-term outlook. She indicated that the Nifty’s crucial support for the day was at 19,600, with an immediate target of 20,000. Parekh also shared her analysis for Bank Nifty, suggesting a daily trading range of 44,300 to 45,000 levels.

Stock Recommendations by Vaishali Parekh:

Vaishali Parekh recommended three intraday stocks for trading on October 13, catering to traders looking for opportunities. Here are the stocks and her recommendations:

GAIL

• Buy at ₹129.35
• Target: ₹137
• Stop Loss: ₹127

Cyient

• Buy at ₹1,774
• Target: ₹1,860
• Stop Loss: ₹1,750

Shankara Building

• Buy at ₹763.35
• Target: ₹805
• Stop Loss: ₹752

Outlook for Nifty:

Vaishali Parekh shared her perspective on Nifty’s performance, highlighting that it had a relatively flat session with a narrow, range-bound movement throughout the day. However, she noted significant participation from the broader markets. The Nifty index maintained near-term support at 19,600, with a near-term target of 20,000.

Outlook for Bank Nifty:

Bank Nifty also experienced sluggish movement during the session and ended near the 44,600 zone. The overall bias remained cautiously positive. Parekh emphasized the need for a decisive move above 44,700, particularly the important 50EMA zone, to improve the trend and anticipate further gains.

Immediate Levels for Nifty and Bank Nifty:

• Nifty 50: Support at 19,700 levels and resistance at 19,950 levels.
• Bank Nifty: Daily range between 44,300 and 45,000 levels.

Investors and traders can consider these insights and stock recommendations while making their trading decisions on October 13, 2023, keeping in mind the market conditions and their risk tolerance.

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The post Vaishali Parekh Recommends Three Stocks to Buy on October 13 first appeared on Business Connect Magazine.