Buy or sell stocks: The Indian stock market indices ended in the red on Monday, December 16, after the strong pullback on Friday's market session. The market investors remain cautious ahead of the US Fed's policy meeting, which is slated to begin on December 18. The Nifty 50 index closed 0.4 per cent lower at 24,668.25 points, compared to 24,768.30 points at the previous market close.
The BSE Sensex index closed 0.47 per cent lower at 81,748.57 points, compared to 82,133.12 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, after witnessing a strong recovery in Friday's market session, saw sluggish movement on Monday. The index slid to end near the 24,700 zone with a positive overall bias and sentiment. 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 53,200 to 54,000 range.
Parekh recommended three buy-or-sell stocks for Tuesday: West Coast Paper Mills Ltd, Bharat Dynamics Ltd, and Thomas Cook India Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty after the strong recovery seen in the previous session, witnessed a sluggish movement with a gradual slide to end near the 24,700 zone. The overall bias and sentiment remains positive.”
“The index has the resistance barrier near 24,800 zone, which needs to be breached decisively to confirm a breakout. and thereafter, anticipate a further rise in the coming days,” said the stock market expert.
“Bank Nifty witnessed a very narrow rangebound session and ended flat near the 53,600 level with bias remaining positive. Expect a further rise once the 53,900 zone is decisively breached to confirm a breakout. On the downside, the 52,600 level would be maintained as the important support zone which needs to be sustained,” 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 53,200 to 54,000.
Buy or sell stocks by Vaishali Parekh
1. West Coast Paper Mills Ltd. (WSTCSTPAPR): Buy at ₹602; Target at ₹630; Stop Loss at ₹587.
2. Bharat Dynamics Ltd. (BDL): Buy at ₹1,296; Target at ₹1,360; Stop loss at ₹1,270.
3. Thomas Cook India Ltd. (THOMASCOOK): Buy at ₹219.55; Target at ₹230; Stop Loss at ₹214.
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.
