Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 27

Buy or sell stocks: The Indian stock market indices ended flat after Thursday’s trading session, as gains in shares of Adani Port, Bharti Airtel, and Mahindra and Mahindra were offset by losses in heavyweights like Reliance Industries, HDFC Bank and Titan. The Nifty 50 index closed 0.1 per cent higher at 23,750.20 points, compared to 23,727.65 points at the previous market close.

The BSE Sensex closed flat at 78,472.48 points after Thursday’s session, compared to 78,472.87 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 resistance near the tough barrier around 23,850, an important 200-period MA zone. The bias is maintained with a cautiously positive approach as of now. Parekh estimates the Nifty 50 Spot index to find support at 23,600 points and face resistance at 24,000 points. The Bank Nifty index will likely move in the 50,800 to 51,800 range.

Parekh recommended three buy-or-sell stocks for Friday: Voltas Ltd, Elecon Engineering Ltd, and Himadri Speciality Chemical Ltd (HSCL). 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said. “Nifty once again witnessed a sluggish move resisting near the tough barrier of 23,850 levels of the important 200-period MA and ended on a flat note on the last expiry day of the calendar year, with the bias maintained with a cautiously positive approach.”

“As mentioned earlier, we maintain our technical view of the index having the immediate support of 23,500 zone, which needs to be sustained, and at the same time, on the upside, a close above 24,000 level is very important to establish conviction. Thereafter, anticipate further rise in the coming days,” said the stock market expert.

“Bank Nifty opened on a positive note, fizzled out in the morning session, and thereafter remained rangebound near the 51,200 zone to end flat. The index needs to get past the important 100-period MA at the 51,700-zone to improve the bias from the current level. A decisive breach above the significant 50EMA level of 52,100 shall establish conviction for further rise,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,600 points and resistance at 24,000 points. The Bank Nifty index would have a daily range of 50,800 to 51,800. 

Buy or sell stocks by Vaishali Parekh 

1. Voltas Ltd. (VOLTAS): Buy at ₹1,711; Target at ₹1,780; Stop Loss at ₹1,675. 

2. Elecon Engineering Co. Ltd. (ELECON): Buy at ₹641.70; Target at ₹670; Stop Loss at ₹627. 

3. Himadri Speciality Chemical Ltd. (HSCL): Buy at ₹565.80; Target at ₹586; Stop Loss at ₹552. 

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.