Buy or sell: Vaishali Parekh recommends three stocks for today — November 29

Buy or sell stocks: The Indian stock market crashed on Thursday, November 28, due to weak global market trends and as heavyweight stocks like Reliance Industries and HDFC Bank dragged down the domestic indices. The Nifty 50 index closed 1.49 per cent lower at 23,914.15 points, compared to 24,274.90 points at the previous market close.

The BSE Sensex closed 1.48 per cent lower at 79,043.74 points after Thursday's session, compared to 80,234.08 points on the previous day. 

Vaishali Parekh's stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty was finding resistance near the 24,350 zone. With heavy profit booking,  it fell below the 24,000 zone with bias and sentiment getting into a very cautious mode. Parekh estimates the Nifty 50 Spot index to find support at 23,700 points and face resistance at 24,100 points. The Bank Nifty index will likely move in the 51,500 to 52,500 range.

Parekh recommended three buy-or-sell stocks for Friday: Canara Bank Ltd, Jupiter Wagons Ltd, and Rashtriya Chemicals & Fertilizers Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty since the last 3 sessions, was finding resistance near the 24,350 zone. It witnessed heavy profit booking to tank below the 24,000 zone, with bias and sentiment getting into a very cautious mode.”

“The index would have the important support zone of 23,500 level, which needs to be sustained in the coming days, failing which the overall trend would turn bearish once again,” said the stock market expert.

“Bank Nifty, as mentioned earlier, has been finding tough resistance near the 52,550 zone and currently could not sustain for too long above the 52,700 zone, slipping down to end below the 52,000 zone. The index would have the 200-period MA at 50,000 level, which is the important and crucial support zone as of now,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,700 points, while the resistance lies at 24,100 points. The Bank Nifty index would have a daily range of 51,500 to 52,500. 

Buy or sell stocks by Vaishali Parekh

1. Canara Bank Ltd. (CANBK): Buy at ₹103; Target at ₹108; Stop Loss at ₹100. 

2. Jupiter Wagons Ltd. (JWL): Buy at ₹493; Target at ₹510; Stop Loss at ₹480. 

3. Rashtriya Chemicals & Fertilizers Ltd. (RCF): Buy at ₹172; Target at ₹180; Stop Loss at ₹165.  

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 taking any investment decisions.