Buy or sell: Vaishali Parekh recommends three stocks for today — December 3
Buy or sell stocks: Vaishali Parekh recommends Jindal Stainless, CESC, and Coal India.
Buy or sell stocks: The Indian stock market indices witnessed a significant recovery, ending Monday's market session in the green. Heavyweight stocks including Reliance Industries, HDFC Bank, Infosys, and Bharti Airtel supported the upward movement. The Nifty 50 index closed 0.6 per cent higher at 24,274.00 points, compared to 24,131.10 points at the previous market close.
The BSE Sensex index closed 0.56 per cent higher at 80,248.08 points on Monday, compared to 79,802.79 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 another session of pullback recovery to close above the 24,200 mark. With the bias improving to an extent and the broader markets indicating active participation, the index is expected to rise further. Parekh estimates the Nifty 50 Spot index to find support at 24,100 points and face resistance at 24,450 points. The Bank Nifty index will likely move in the 51,700 to 52,600 range.
The stock market expert expects the BSE Sensex to find support at 79,800 points and face resistance at 80,700 points today.
Parekh recommended three buy-or-sell stocks for Tuesday: Jindal Stainless Ltd, CESC Ltd, and Coal India Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed another day of pullback recovery to close above the 24,200 zone with bias improving to some extent. With the broader markets indicating active participation, anticipate a further rise.”
“The index needs to breach above the significant 50EMA-zone of 24,400 levels decisively to establish conviction and confirmation for a further upside move in the coming days,” said the stock market expert.
“Bank Nifty has been witnessing a narrow range-bound sluggish move with 52,600 zone acting as a tough resistance barrier and 51,700 level maintained as the immediate support. A clear decisive breakout above 52,600 level is much required to confirm a positive directional move on the upside,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,100 points, while the resistance lies at 24,450 points. The Bank Nifty index would have a daily range of 51,700 to 52,600.
The stock market expert expects the BSE Sensex to find support at 79,800 points and face resistance at 80,700 points on Tuesday.
Buy or sell stocks by Vaishali Parekh
1. Jindal Stainless Ltd. (JSL): Buy at ₹694; Target at ₹720; Stop Loss at ₹683.
2. CESC Ltd. (CESC): Buy at ₹178; Target at ₹183; Stop Loss at ₹175.
3. Coal India Ltd. (COALINDIA): Buy at ₹421; Target at ₹440; Stop Loss at ₹408.
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.
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