After a major crash in global markets, the Indian stock market also took a big hit on Monday. The Nifty 50 index dropped 667 points, closing at 24,049. The BSE Sensex fell by 2,222 points, ending at 78,759. The Bank Nifty index went down by 1,294 points, closing at 50,056. The small-cap index fell by 4.21%, and the mid-cap index dropped by 3.60%.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes that heavy selling in the Indian stock market happened due to weak Asian markets and geopolitical tensions in the Middle East. She said that the Nifty 50 index has crucial support at 23,700. If it falls below this level, the market outlook will worsen.
Vaishali Parekh’s Stock Recommendations for Today:
- Dabur India
- Buy at ₹634
- Target: ₹665
- Stop Loss: ₹620
- Alkem Laboratories
- Buy at ₹5314
- Target: ₹5560
- Stop Loss: ₹5200
- Tata Consumer
- Buy at ₹1199
- Target: ₹1248
- Stop Loss: ₹1174
Other Recommendations:
Dharmesh Shah, Head – Technical, ICICI Securities:
- ITC
- Buy
- Target: ₹512
- Stop Loss: ₹468
- HPCL
- Buy
- Target: ₹410
- Stop Loss: ₹374
- DLF
- Sell
- Target: ₹764
- Stop Loss: ₹838
Kunal Bothra, Market Expert:
- Tata Motors
- Buy
- Target: ₹1040
- Stop Loss: ₹1000
- Dixon Technologies
- Buy
- Target: ₹11330
- Stop Loss: ₹11030
For more detailed insights and trading ideas, check out the full article here.