Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 23

Buy or sell stocks: The Indian stock market indices closed in the red on Friday, December 20, after index heavyweights TCS, Reliance, Infosys, Axis Bank, and HDFC Bank dragged the Sensex on the final day of the week. The Nifty 50 index closed 1.52 per cent lower at 23,587.50 points, compared to 23,951.70 points at the previous market close.

The BSE Sensex index closed 1.49 per cent lower at 78,041.59 points on Friday, compared to 79,218.05 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 ended the week below the important 200-period MA of 23,800 points. The index has the next import support near the 23,250 zone, in which case the overall trend would turn bearish. Parekh estimates the Nifty 50 Spot index to find support at 23,350 points and face resistance at 23,800 points. The Bank Nifty index will likely move in the 50,200 to 51,400 range.

Parekh recommended three buy-or-sell stocks for Monday: Data Patterns India Ltd., KEC International Ltd., and Titagarh Rail Systems Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty continued to tank with weak bias to end the week below the important 200-period MA of 23,800 zone and snapped the 4-week gaining streak closing near the 23,600 zone.”

“The index has witnessed a short period of correction from 24,850 zone and has the next important support of the previous low made near 23,250, below which the overall trend would turn bearish,” said the stock market expert.

“Bank Nifty extended the losses to lose more than 800 points and has arrived near the significant 200-period MA of 50,500 levels below which the overall bias would turn weak. The next major support lies near the previous bottom made near 49,800 levels, below which the trend would turn bearish and thereafter, one can expect further intensified selling pressure in the coming days,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,350 points, while the resistance is seen at 23,800 points. The Bank Nifty index would have a daily range of 50,200 to 51,400. 

Buy or sell stocks by Vaishali Parekh 

1. Data Patterns India Ltd. (DATAPATTNS): Buy at ₹2,567.75; Target at ₹2,690; Stop Loss at ₹2,500. 

2. KEC International Ltd. (KEC): Buy at ₹1,236.70; Target at ₹1,290; Stop Loss at ₹1,210. 

3. Titagarh Rail Systems Ltd. (TITAGARH): Buy at ₹1,310.55; Target at 1,367; Stop Loss at ₹1,280. 

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.