Buy or sell stocks: The Indian stock market indices witnessed healthy buying across segments on Tuesday, December 3. Amid a broader market rally, HDFC Bank, Persistent Systems and Info Edge (Naukri) were among 251 stocks that hit their fresh 52-week highs on the BSE. The Nifty 50 index gained 0.75 per cent to close at 24,457.15 points, compared to 24,276.05 points at the previous market close.
The BSE Sensex index closed 0.74 per cent higher at 80,845.75 points on Tuesday, compared to 80,248.08 points at the previous market close.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty witnessed a decisive move past the resistance barrier of 24,350. The index’s improving bias and indications of a breakthrough signal a probable rise in the upcoming sessions. Parekh estimates the Nifty 50 Spot index to find support at 24,300 points and face resistance at 24,600 points. The Bank Nifty index will likely move in the 52,200 to 53,300 range.
Parekh recommended three buy-or-sell stocks for Wednesday: Oil India Ltd, Hindustan Copper Ltd, and Indian Oil Corporation Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty finally witnessed a decisive move past the resistance barrier of 24,350 zone, which was also where the significant 50EMA was positioned, to improve the bias, indicating a breakthrough and anticipating a further rise in the coming sessions.”
“The index has indicated a higher bottom formation pattern on the daily chart to signify further upward move for next expected targets of 24,800 and 25,200 levels,” said the stock market expert.
“In a similar pattern, the Bank Nifty breached the important barrier of 52,550 to trigger a further rise, having next targets of 53,500 and 54,400 levels visible in the coming days. The index would have the important 50EMA zone of 51,600 as the crucial support, which needs to be sustained for the bias to remain intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,300 points, while the resistance lies at 24,600 points. The Bank Nifty index would have a daily range of 52,200 to 53,300.
Buy or sell stocks by Vaishali Parekh
1. Oil India Ltd. (OIL): Buy at ₹490; Target at ₹510; Stop Loss at ₹480.
2. Hindustan Copper Ltd. (HINDCOPPER): Buy at ₹285; Target at ₹300; Stop Loss at ₹277.
3. Indian Oil Corporation Ltd. (IOC): Buy at ₹138; Target at ₹145; Stop Loss at ₹133.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
