Vaishali Parekh, Vice-President (Technical Research) at Prabhudas Lilladher (PL), expects the market to remain volatile in the near term.
“We are still on a downward trajectory based on the levels we’re discussing. There is strong support around 24,250, but if that breaks, we could see further downside towards 24,000. On the upside, Nifty needs to cross 24,650. For now, I would watch a range of 24,250 to 24,650,” she told Business Today on Monday.
On the stock-specific front, the market expert picked Indian Bank and Delhivery Ltd as her top recommendations. “Indian Bank continues to show strong upward momentum and should perform well. The current market price is around Rs 650, with Rs 630 acting as a strong support. The stock could move towards Rs 680, making it a solid uptrend candidate. The other pick is Delhivery, which has given a weekly breakout, followed by a slight retracement. I would suggest buying on a dip, with Rs 440 as support and aiming for targets between Rs 485 and Rs 500,” Parekh stated.
Commenting on PG Electroplast Ltd, she said, “The counter is showing weakness. If this trend continues, it could decline further towards Rs 400 and Rs 350.” The sharp sell-off in PG Electroplast was driven by order cancellations and a cut in guidance amid sectoral headwinds.
On Suzlon Energy Ltd, she noted, “Rs 63 serves as a good support for the stock. Keeping Rs 62-63 as the support range, one can look for an upside towards Rs 68-70. However, the trend would turn positive only above Rs 70. For now, it remains range-bound after a long consolidation, with Rs 62 to Rs 70 being the key levels to watch.”
From the defence sector, the market specialist highlighted Bharat Dynamics Ltd (BDL) and Mazagon Dock Shipbuilders Ltd as gaining momentum. “Purely from an accumulation perspective, these are good levels to consider,” she added.
Meanwhile, Indian equity benchmarks traded in positive territory today, supported by fresh foreign fund inflows and a rally in US markets. A strong trend across Asian markets also added to the upbeat sentiment in equities.