Buy or sell: Vaishali Parekh recommends three stocks for today — Dec 6

Buy or sell stocks for today: Domestic equity benchmarks Sensex and Nifty 50 extended their winning streak for the fifth straight day in the previous session, driven by heavyweights Infosys, ICICI Bank, TCS, Bharti Airtel, and Reliance Industries, and amid hopes of domestic policy easing.

The frontline benchmarks surged over one per cent during afternoon trade, with the Sensex climbing 1,850 points from its intraday low. Sensex closed at 81,765.86, up 810 points, or one per cent, while the Nifty 50 settled 241 points, or 0.98 per cent, higher at 24,708.40. In the past five trading days, the BSE benchmark has jumped 2,722.12 points or 3.44 per cent.

The mid-and small-cap segments of the BSE also rose but underperformed the benchmark Sensex. The BSE Midcap index climbed 0.27 per cent, and the Smallcap index inched up 0.16 per cent. Investors earned about ₹2.5 lakh crore in one session as the overall market capitalisation (mcap) of firms listed on the BSE rose to nearly ₹458.2 lakh crore.

Analysts said the key indices maintained their winning run following buying in IT stocks and a rally in the US markets. IT companies, which earn a significant share of their revenue from the US, rose two per cent after US Federal Reserve Chair Jerome Powell said the US economy remained stronger now than expected in September when the Fed began cutting interest rates.

The Reserve Bank of India (RBI)’s monetary policy decision will be unveiled today at 10 am by RBI Governor Shaktikanta Das. Data showed that India’s economic growth slowed to a seven-quarter low of 5.4 per cent last quarter, so investors expect some form of policy easing. However, the question is whether that will be via a rate cut, or by lowering the CRR, which benefits banks.
 

Vaishali Parekh’s stocks to buy today

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “Nifty witnessed strong buying interest continued with the gains amidst high volatility during the intraday session and has closed above the 24,700 level with bias getting stronger and further rise is anticipated in the coming sessions.”

For Bank Nifty, the Prabhudas Lilladher expert said, “Bank Nifty has been gathering strength and continues to rise, moving past the 53,600 level with conviction and is aiming to restest the peak zone of 54,500 levels in the coming days.”

Regarding stocks investors can buy, Vaishali Parekh recommended three intraday stocks for today: Tata Power, Ion Exchange (India) Ltd, and KPIT Technologies.

Stock market today

For today’s outlook on the Nifty 50, Parekh said, “The index has breached above the important barrier of 24,550 levels and further ahead has 25,000 zones as the next immediate target with most of the frontline stocks beginning to show improvement.”

On Bank Nifty, she said, “The levels near the 52,600 zone would be the important support which needs to be sustained as of now to maintain the bias intact.”

Nifty 50’s support for the day is seen at 24,600 levels, while the resistance would be seen at 24,900 levels. Bank Nifty would have a daily range of 5,3200-54,100 levels.

Buy or sell stocks by Vaishali Parekh

1. Tata Power: Buy Tata Power at ₹432 at a target price of ₹450 with a stop loss of ₹424.
2. Ion Exchange (India) Ltd: Buy Ion Exchange at ₹722 at a target price of ₹780 with a stop loss of ₹703.
3. KPIT Technologies: Buy KPIT Technologies at ₹1,494 at a target price of ₹1,570 with a stop loss of ₹ ₹1,460.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.