Gift Nifty signals sharp gap-up start as Vaishali Parekh recommends Astral, Sai Life Sciences, and ICICI Bank

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the technical momentum is being supported by easing crude oil prices and a resilient US market, creating a more favourable backdrop for Indian stocks. She noted that the Nifty 50 has formed a bullish engulfing pattern on the daily chart and is sustaining above the 50-EMA at the 24,200 level, which improves the short-term bias.

Parekh identified 24,400 as the key resistance level for the Nifty 50, which needs to be breached decisively to confirm further upside, while 24,000 remains the near-term support that must hold to maintain the bullish outlook. For the Bank Nifty, she said the index is consolidating near the 200-period moving average at 57,450 and holding above the 50-EMA at 57,200, with a decisive move above 58,500 needed to establish conviction, and support at 56,000 (100-period MA) critical to sustain the trend.

On stock-specific recommendations, Parekh advised buying Astral at ₹1,530 with a target of ₹1,560 and stop loss at ₹1,515; Sai Life Sciences at ₹1,440 with a target of ₹1,480 and stop loss at ₹1,420; and ICICI Bank at ₹1,418 with a target of ₹1,445 and stop loss at ₹1,400. The advice is presented for informational purposes only, and investors are urged to consult certified financial experts before acting on any recommendations.