Buy or sell stocks: The domestic stock market indices snapped their three-day losing streak to close in the green on Wednesday. Index heavyweights Infosys and Bajaj Finance gained on December 11. The Nifty 50 index closed 0.13 per cent higher at 24,641.80 points, compared to 24,610.05 points in the previous market session.
The BSE Sensex index closed 0.02 per cent higher at 81,526.14 points, compared to 81,510.05 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 consolidation near the 24,600 to 24,700 zone in the last four market sessions. The index has the important 50EMA zone at the 24,400 level as immediate support, which needs to be sustained as of now. Parekh estimates the Nifty 50 Spot index to find support at 24,500 points and face resistance at 24,800 points. The Bank Nifty index will likely move in the 53,000 to 54,000 range.
Parekh recommended three buy-or-sell stocks for Thursday: Tata Communications Ltd, Jain Irrigation Systems Ltd, and Indian Railway Finance Corporation Ltd (IRFC).
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been witnessing a strong consolidation period near the 24,600-24,700 zone since the last 4 sessions and has the important 50EMA zone of 24,400 level as the immediate support, which needs to be sustained as of now.”
“At the same time, a decisive breach above the 24,800 level is much needed to confirm a breakout and establish conviction for a further upward move in the coming days,” said the stock market expert.
“In a similar pattern, Bank Nifty has been moving within a tight range and has formed a pennant pattern on the daily chart, wherein, a decisive move above the 53,800 levels shall indicate a breakout to trigger further rise and a target of 54,500 level to retest the previous peak zone. The index would have the important and crucial support of 52,600 levels, which needs to be sustained to maintain the bias intact,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,500 points, while the resistance lies at 24,800 points. The Bank Nifty index would have a daily range of 53,000 to 54,000.
Buy or sell stocks by Vaishali Parekh
1. Tata Communications Ltd. (TATACOMM): Buy at ₹1,840; Target at ₹1,920; Stop Loss at ₹1,780.
2. Jain Irrigation Systems Ltd. (JISLJALEQS): Buy at ₹80; Target at ₹88; Stop Loss at ₹76.
3. Indian Railway Finance Corporation Ltd. (IRFC): Buy at 164; Target at ₹170; Stop Loss at ₹160.
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.
