Vaishali Parekh Identifies Nifty 50 Breakout Level at 23,000 for Further Gains

According to Parekh, the Nifty 50 has shown a strong revival from its low near the 22,200 zone, forming a positive candle on the daily chart and closing near 22,800. She noted that the index has crucial support at 22,200 on the downside, while a clear move above 23,000 would be required to confirm bullish momentum in the coming sessions.

On the Bank Nifty index, Parekh observed that it has witnessed some revival, closing just above the 55,000 level. She highlighted that sustaining the 54,000 zone as support is important, but the index needs to gain momentum to improve overall bias and sentiment.

Parekh recommended three stocks for intraday consideration: IndiGo, IndusInd Bank, and GPIL. For IndiGo, she suggested a buy at ₹5,040 with a target of ₹5,100 and a stop loss at ₹5,020. IndusInd Bank was advised at a buy level of ₹902, targeting ₹925 with a stop loss at ₹890. GPIL was recommended at a buy price of ₹220, targeting ₹230 with a stop loss at ₹215.

The commentary was made amid firmer global markets, positive updates from select financial companies, and positioning ahead of the RBI’s policy decision, which sustained buying interest during the session. Brent crude traded around $101 after retreating from above $102, with Parekh noting that continued near-$100 oil prices could still complicate India’s inflation and currency outlook, potentially influencing RBI guidance.

The views expressed are those of the analyst and not of Mint. Investors are advised to consult certified financial experts before making investment decisions.