Buy or sell: Vaishali Parekh recommends three stocks for today — December 9 | Stock Market News

Buy or sell stocks: The domestic stock market indices closed flat on Friday, December 6, after a five-day winning streak. Both indices showed little movement after the Reserve Bank of India’s (RBI) monetary policy announcement. The central bank kept its interest rates unchanged at 6.5 per cent on Friday but reduced the bank’s cash reserve ratio (CRR) by 50 basis points. The Nifty 50 index closed 0.12 per cent higher at 24,677.80 points, compared to 24,708.40 points at the previous market close.

The BSE Sensex index closed 0.07 per cent lower at 81,709.12 points, compared to 81,765.86 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 saw a strong recovery last week and ended on a positive note. With the bias and sentiment turning to a positive approach, the index is expected to rise further in the coming sessions. Parekh estimates the Nifty 50 Spot index to find support at 24,500 points and face resistance at 25,800 points. The Bank Nifty index will likely move in the 53,100 to 54,000 range.

Parekh recommended three buy-or-sell stocks for Monday: Munjal Auto Industries Ltd, CL Educate Ltd, and Vishnu Prakash R Punglia Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a strong recovery during the week to end on a quite positive note with bias and sentiment turning to a positive approach. Anticipate a further rise in the coming sessions.”

“The index would have the next targets of 25,200 and 25,800 levels provided the important support zone of 24,300 level is sustained as of now to maintain the overall bias intact,” said the stock market expert.

“Bank Nifty has gained strength during the week, crossing above the tough resistance barrier of 52,600 zone, and with bias getting stronger, it is near to the previous peak zone of 54,500 levels, which can be retested in the coming sessions. The index would have the important support of the 50EMA zone of 51,900 levels, which needs to be sustained for the time being,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,500 points, while the resistance lies at 25,800 points. The Bank Nifty index would have a daily range of 53,100 to 54,000. 

Buy or sell stocks by Vaishali Parekh 

1. Munjal Auto Industries Ltd. (MUNJALAU): Buy at ₹110.95; Target at ₹120; Stop Loss at ₹105.

2. CL Educate Ltd. (CLEDUCATE): Buy at ₹115.40; Target at ₹120; Stop Loss at ₹108. 

3. Vishnu Prakash R Punglia Ltd. (VPRPL): Buy at ₹306.55; Target at ₹325; Stop Loss at ₹300. 

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.