NewsStocksVaishali Parekh Recommends Three Intraday Stock Picks Amid Market Weakness on January 21Vaishali Parekh Recommends Three Intraday Stock Picks Amid Market Weakness on January 21
Technical analyst Vaishali Parekh from Prabhudas Lilladher provided market outlook and stock recommendations following Tuesday's weak session where Nifty 50 fell below 25,500 support to close near 25,200. The decline was attributed to global concerns over Trump's tariffs and rupee weakness past 91 per dollar. Parekh identified 25,100 as crucial support for Nifty and recommended three intraday stocks: Ion Exchange India at ₹358.00 (target ₹375.00), TBZ at ₹168.40 (target ₹180.00), and EPL at ₹209.00 (target ₹222.00), each with defined stop-loss levels for risk management.
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The Indian stock market witnessed significant weakness on Tuesday, with major indices declining sharply amid global uncertainties and domestic concerns. Technical analyst Vaishali Parekh from Prabhudas Lilladher has provided detailed market outlook and specific stock recommendations for intraday trading opportunities.
Market Performance and Technical Analysis
The market session reflected weak global sentiments primarily driven by concerns over Trump's tariffs, creating a cautious environment for investors. The combination of uncertain U.S. interest-rate trajectory, early signs of global growth slowdown, and ongoing international trade concerns kept market participants defensive throughout the trading day.
The rupee's sharp weakening, slipping past the psychological 91-per-dollar mark, further dampened investor sentiment and contributed to the overall negative market tone.
Nifty 50 Index Outlook
Parekh highlighted that the Nifty 50 index experienced heavy selling pressure, moving decisively below the important 25,500 support zone. The index continued its decline throughout the day, breaking below 25,400 level, which intensified selling pressure and led to a close near the 25,200 zone.
| Technical Level | Value | Significance |
|---|---|---|
| Current Support | 25,100 | 200-period MA and long-term trendline |
| Key Resistance | 25,500 | Critical level for sentiment improvement |
| Immediate Support | 25,100 | Must sustain for stability |
| Immediate Resistance | 25,400 | Near-term hurdle |
According to Parekh's analysis, the index has found fresh crucial support at the 200-DEMA level of 25,100, which coincides with the long-term trendline. For market sentiment to improve, the index needs a decisive move past the 25,500 level, which now serves as an important resistance zone.
Bank Nifty Analysis
The Bank Nifty index faced significant selling pressure from near the 60,000 zone, declining further during the post-lunch session to close around 59,400. Parekh noted that the index remains trapped within a tight range, with crucial technical levels determining future direction.
| Parameter | Level | Description |
|---|---|---|
| Daily Range | 58,800 - 60,000 | Expected trading range |
| Crucial Support | 58,800 | Must hold to avoid trend weakness |
| Breakout Level | 60,400 | Decisive breach needed for upside |
| Upper Range | 60,200 | Current resistance zone |
The banking index's bias remains precariously placed, with the crucial support at 58,800 zone requiring sustained holding to prevent overall trend weakness.
Intraday Stock Recommendations
Despite the challenging market environment, Parekh has identified three specific stocks for intraday trading opportunities on January 21:
| Stock | Entry Price | Target | Stop Loss | Potential Upside |
|---|---|---|---|---|
| Ion Exchange India | ₹358.00 | ₹375.00 | ₹349.00 | 4.75% |
| TBZ | ₹168.40 | ₹180.00 | ₹164.00 | 6.89% |
| EPL | ₹209.00 | ₹222.00 | ₹203.00 | 6.22% |
These recommendations come with specific risk management parameters, including defined stop-loss levels to limit potential downside exposure while targeting reasonable upside potential in the current market environment.
Market Outlook
The technical analysis suggests that market stability depends on key support levels holding firm. For the Nifty 50, sustaining above 25,100 remains critical, while a decisive break above 25,500 would be necessary to restore positive sentiment. The Bank Nifty's performance around the 58,800-60,400 range will be crucial for determining sectoral strength.
Investors are advised to exercise caution and consult certified experts before making investment decisions, as market conditions remain volatile amid ongoing global uncertainties and domestic challenges.
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