Vaishali Parekh Advises on HBL, Precision Wires, GHCL for Sept 23 Trading

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three key stocks for intraday trading on Wednesday, 23 September. Her selections include HBL Engineering, Precision Wires India, and GHCL Textiles, complete with detailed buy prices, profit targets, and stop-loss points to guide traders.

The Indian stock market saw a reversal on Tuesday, 22 September, erasing the gains made the previous day. Major sectors such as technology, financial services, and FMCG experienced notable declines, which contributed to the benchmarks closing lower. Despite a significant dip during the session, the indices managed a partial recovery before the close.

The Nifty 50 index ended 0.36% down at 23,329, while the Sensex dropped by 0.27%, finishing at 74,653. Broader market indices also reflected this downtrend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices closing in negative territory.

Sector-wise, the market showed mixed results. The technology, cement, FMCG, PSU banks, oil and gas, and pharmaceutical sectors were under pressure, all closing below their previous levels. Conversely, the media, real estate, chemical, and metals sectors posted gains during the trading session.

Global factors played a role in the market’s mood. Although there was a favorable shift with crude oil prices and bond yields dropping sharply, investors remained cautious. Uncertainty over whether the fall in oil prices would persist and provide sustained support to market sentiment contributed to this cautious stance.

Looking ahead, Parekh highlighted the Nifty’s struggle to maintain its morning strength during Tuesday’s session, with the index hovering near 23,450 before fading and settling near 23,350. She pointed out critical resistance levels at 23,550 and 23,800 that must be surpassed to restore bullish momentum. On the downside, maintaining support at the 23,000 level is essential to preserve the current market bias.

Regarding Bank Nifty, the index failed to climb past the resistance zone of 56,700 and closed near 56,200 after profit-taking. Parekh noted the index’s fragility, with the 55,800 level serving as a vital support. For any upward trend to gain traction, Bank Nifty must decisively break above the 200-period moving average around 57,300.

For the immediate trading day, Parekh suggested the Nifty could fluctuate between 23,200 and 23,500, while Bank Nifty might move within a range of 55,700 to 57,000.

Turning to her stock picks for 23 September, Parekh recommended the following intraday trades:

1. HBL Engineering: Buy at ₹767 with a target of ₹805 and a stop loss at ₹750.
2. Precision Wires India: Buy at ₹491 aiming for ₹515, with stop loss at ₹480.
3. GHCL Textiles: Buy at ₹133.90 targeting ₹142, stop loss set at ₹130.

These recommendations come as part of technical research strategies aimed at traders looking for actionable ideas within volatile markets.

Vaishali Parekh’s insights help navigate short-term market movements, particularly in the context of a cautious environment shaped by mixed sector performances and global economic factors. Traders following her guidance should consider these levels carefully and monitor market developments closely.

About the Author

Ksheera Sagar has been a Market Research Analyst at LiveMint for over four years, focusing on stocks, commodities, and broader financial markets. With more than a decade of experience in financial services, including a tenure at J.P. Morgan, he brings a depth of expertise in equity research and market analysis.

He is known for delivering data-driven, concise market reports that break down complex financial information for a wide audience. Ksheera combines quantitative analysis with clear storytelling to provide detailed coverage of stock trends and sector dynamics. Outside the newsroom, he enjoys playing piano and exploring new places, maintaining an active interest in global economic trends.