Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th December | Mint
Active Stocks
Wed Feb 21 2024 15:59:55
  1. Tata Steel share price
  2. 143.85 1.99%
  1. Bharti Airtel share price
  2. 1,139.75 -0.38%
  1. State Bank Of India share price
  2. 771.55 1.51%
  1. Power Grid Corporation Of India share price
  2. 280.15 -2.71%
  1. ITC share price
  2. 403.30 -0.68%
Business News/ Markets / Stock Markets/  Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th December
BackBack

Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th December

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Coromandel International, Sona Blw Precision Forgings or SONACOMS and ABFRL

Stock market today: Nifty 50 index may continue to climb new peak if buying in frontline stocks continue on Wednesday session, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)Premium
Stock market today: Nifty 50 index may continue to climb new peak if buying in frontline stocks continue on Wednesday session, believes Vaishali Parekh of Prabhudas Lilladher. (Photo: Courtesy Prabhudas Lilladher)

Buy or sell stocks for today: Following strong global market sentiments on end of rate hike cycle buzz, Indian stock market ended higher for sixth straight session on Tuesday. Nifty 50 index climbed to a new peak of 20,864 levels, BSE Sensex touched new life-time high of 69,381 whereas Bank Nifty index hit a new high of 47,230. Broad market indices also continued its partipation in current rally. Small-cap index hit a new record high of 41,317 while mid-cap index touched a new peak of 35,216 levels.

Intraday trading tips for Wednesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market trend is bullish. Prabhudas Lilladher expert went on to add that Nifty 50 index may climb to a new peak if buying in frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL, etc. continues on Wednesday. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Coromandel International, Sona Blw Precision Forgings or SONACOMS and ABFRL.

Stock market today

On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty continue to surge ahead making new record high crossing the 20,850 zone with trend maintained strong powered by frontline stocks like ICICI Bank, M&M, HDFC Bank and RIL which can further pull the index to new heights. The index has gained significantly almost 11% in the current swing and has further upside potential with 21,000 level visible in the coming days."

Also Read: Indiabulls Housing Finance, ZEEL, 2 others placed under F&O ban list for today

"Bank Nifty after the breakout confirmation extended the gains further moving past the 47,000 zone to make new high and anticipating for next target of 48,200 levels with most of the frontline banking stocks like ICICI Bank, Kotak Bank, HDFC Bank, SBI and Axis Bank having good upside potential from current levels," said Parekh.

Also Read: FPI inflows push MSCI India Premium to near-record high

Parekh went on to add that immediate support for Nifty today is placed at 20,700 while the resistance is seen at 21,000 levels. Bank Nifty would have a daily range of 46,700 to 47,500 levels.

Stocks to buy today

As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:

1] Coromandel International: Buy at 1205, target 1265, stop loss 1185;

2] SONACOMS: Buy at 578.75, target 600, stop loss 570; and

3] ABFRL: Buy at 240.40, target 252, stop loss 236.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Dec 2023, 06:52 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App