Buy or sell stocks: The Indian stock market indices ended Friday’s market session with gains fueled by heavyweight banking and auto companies like Mahindra and Mahindra, IndusInd Bank and Tata Motors. The Nifty 50 index closed 0.27 per cent higher at 23,813.40 points, compared to the previous close at 23,750.20 points.
The BSE Sensex closed 0.29 per cent higher at 78,699.07 points on Friday, compared to 78,472.48 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 found a tough barrier at the 23,850 levels in the important 200-period MA zone. The bias for the index is maintained with a cautiously positive approach. 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 51,000 to 52,000 range.
Parekh recommended three buy-or-sell stocks for Monday: Mahindra and Mahindra, VA Tech Wabag, and Tourism Finance Corporation of India Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed range-bound sluggish sessions during the week with inside bar candle patterns on the daily chart finding the tough barrier of 23,850 levels of the important 200 period MA and ended the week just near the 23,800 zone with bias maintained with a cautiously positive approach as of now.”
“With the sentiment gradually easing out, we maintain the zone near 23,500 levels as the immediate support and at the same time, a decisive close above 24,000-level is necessary to trigger a breakout. Thereafter, anticipate a further rise in the coming days,” said the stock market expert.
“Bank Nifty witnessed a tight rangebound movement during the last week of the year with upside capped near 51,700 zone and the support maintained near the 51,000 levels. The bias and sentiment are slightly on the improvement side. As mentioned earlier, the index needs to breach above the significant 50EMA-level of 52,000 to establish conviction. Thereafter anticipate a further upward move,” 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 51,000 to 52,000.
Buy or sell stocks by Vaishali Parekh
1. Mahindra and Mahindra Ltd. (M&M): Buy at ₹3,049; Target at ₹3,160; Stop Loss at ₹2,995.
2. VA Tech Wabag Ltd. (WABAG): Buy at ₹1,646; Target at ₹1,720; Stop Loss at 1,615.
3. Tourism Finance Corporation of India Ltd. (TFCILTD): Buy at ₹157.80; Target at ₹165; Stop Loss at ₹154.
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.
