Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 18

Buy or sell stocks for today: On account of strong global market sentiments, Indian stock market ended higher for seventh week in a row on Friday last week. Nifty 50 index logged weekly gain of 2.30 per cent last week and closed at 21,456 levels after climbing to a new high of 21,492. BSE Sensex logged weekly gain of 2.18 per cent and ended at 71,483 levels after hitting a new high of 71,605 on Friday. Nifty Bank index registered 1.85 per cent weekly gain and finished at 48,143 levels after climbing to a new peak of 48,219 on last session of the previous week.

Intyraday trading tips for Monday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market sentiment is bullish and Nifty 50 index is in overbought zone and some cooling off can't be denied.

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However, Prabhudas Lilladher expert maintained that even if profit booking triggers 21,200 may remain a sacrosanct support for the 50-stock index. Vaishali Parekh went on to add that in case of profit booking trigger, one should take 21,200 support as good buying opportunity.

Buy or sell stocks for today

On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are Aarti Industries, Federal Bank and Tinaplate.

Stock market today

On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty witnessed another day of significant gain of 274 points with Bulls taking full control almost touching the 21,500 zone making new record high once again with most of the frontline heavyweights especially IT giants leading the rally. With the index going strong further rise is anticipated in the coming days, however, with the indicators hovering near the highly oversold zone some cooling off cannot be ruled out with near term support maintained near 21,200 zone."

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"Bank Nifty continued with the upward trend making new highs with most of the frontline banking stocks well poised for further rise. With 47,500 zone maintained as the near-term support, we anticipate for further higher targets of 49,200 and 50,000 levels in the coming days," said Parekh.

Parekh went on to add that immediate support for Nifty today is placed at 21,300 while the resistance is seen at 21,600 levels. Bank Nifty would have a daily range of 47,800 to 48,700 levels.

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Stocks to buy today

1] Aarti Industries: Buy at ₹591.20, target ₹620, stop loss ₹582;

2] Federal Bank: Buy at ₹157, target ₹165, stop loss ₹154; and

3] Tinaplate: Buy at ₹440.60, target ₹458, stop loss ₹433.

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.