Buy or sell: Vaishali Parekh recommends three stocks for today — December 13 | Stock Market News

Buy or sell stocks: The domestic stock market indices were volatile on Thursday, December 12, as investors exercised caution ahead of India’s Consumer Price Index (CPI) inflation data release. The November CPI data showed that retail inflation moderated to 5.48 per cent, compared to 6.21 per cent in October. The Nifty 50 index closed 0.38 per cent lower at 24,548.70 points, compared to 24,641.80 points at the previous market close.

The BSE Sensex index closed 0.29 per cent lower at 81,289.96 points on Thursday, compared to 81,526.14 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 a slow and gradual slide during the last five market sessions. The index is expected to stabilise and witness a positive trend reversal near the important support zone of 24,500 points. Parekh estimates the Nifty 50 Spot index to find support at 24,400 points and face resistance at 24,700 points. The Bank Nifty index will likely move in the 52,800 to 53,700 range.

Parekh recommended three buy-or-sell stocks for Friday: IndusInd Bank Ltd, Tata Steel Ltd, and Balrampur Chini Mills Ltd.

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been witnessing a slow and steady gradual slide during the last five sessions and has arrived near the important support zone of 24,500 levels, where the index is expected to stabilise and witness a positive trend reversal.”

“As mentioned earlier, the index would need to breach above the 24,750 zone to confirm a breakout and thereafter anticipate for a fresh, further rise,” said the stock market expert.

“Bank Nifty has slipped slightly from the tough resistance zone of 53,900 levels, forming a lower top, and has the important crucial support near the 52,550 zone, which needs to be sustained. The overall bias is maintained with a cautiously positive approach and would need a decisive breach above 53,900 levels to confirm a breakout,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,400 points, while the resistance lies at 24,700 points. The Bank Nifty index would have a daily range of 52,800 to 53,700. 

Buy or sell stocks by Vaishali Parekh 

1. IndusInd Bank Ltd. (INDUSINDBK): Buy at ₹999; Target at ₹1,030; Stop Loss at ₹970. 

2. Tata Steel Ltd. (TATASTEEL): Buy at ₹151; Target at ₹160; Stop Loss at ₹147. 

3. Balrampur Chini Mills Ltd. (BALRAMCHIN): Buy at ₹590; Target at ₹610; Stop Loss at ₹578. 

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.