Stocks to buy today | Vaishali Parekh's stock recommendations for today: The key benchmark indices of the Indian stock market etched a second consecutive week of gains, with headline gauges Nifty and Sensex settling the week at 23,146 and 74,729, up nearly 2.78% and 3.11% respectively. This upward momentum drew strength primarily from a revitalised information technology (IT) sector, as tech heavyweights attracted renewed buying interest. A pivotal driver behind the sharp rally in domestic IT equities was the global sector rotation triggered by a sell-off in international AI and semiconductor stocks.
Growing investor scepticism around elevated valuations and delayed monetisation cycles in high-flying AI hardware and chipmakers led global funds to reallocate capital away from overextended semiconductor plays. Indian IT service providers, offering stable execution and attractive valuations, emerged as a preferred defensive destination, capturing redirected global flows.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes Dalal Street bias has improved, but the Nifty 50 index would have the important 50-EMA level in the 23,300 zone, which needs to be decisively breached to establish positive conviction.
Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said the 50-stock index, after witnessing initial fluctuations, picked up well and continued its upward move, closing in the green near the 23,150 zone, above the resistance hurdle of 23,100, with bias and sentiment improving.
“The Nifty 50 index would have the important 50-EMA level at 23,300 zone, which needs to be decisively breached above to establish conviction and thereafter, can expect further upward move in the coming days with 22,200 zone positioned as the crucial and major support,” Parekh added.