Buy or sell: Vaishali Parekh recommends three stocks to buy today — 16 December | Stock Market News

Buy or sell stocks: The Indian stock market indices witnessed a rebound on Friday, December 13, recovering their earlier losses and closing in the green at the end of the week. The Nifty 50 index closed 0.89 per cent higher at 24,768.30 points, compared to 24,548.70 points at the previous market close.

The BSE Sensex index closed 1.04 per cent higher at 82,133.12 points on Friday, compared to 81,289.96 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 is finding resistance near the 24,850 zone. The index also saw some profit booking, falling to the 24,180 zone, but witnessed a fast recovery after that. The bias and the sentiment improved at the end of the week. Parekh estimates the Nifty 50 Spot index to find support at 24,600 points and face resistance at 24,900 points. The Bank Nifty index will likely move in the 53,200 to 54,000 range.

Parekh recommended three buy-or-sell stocks for Monday: Tata Motors Ltd, HDFC Life Insurance Co. Ltd, and State Bank of India Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has been finding resistance near the 24,850 zone and was subjected to some profit booking, plunging down to 24,180 zone, but witnessed a fast recovery to erase some of the losses to end above the 100-period MA in the 24,700 zone. The bias and sentiment improved at the end of the week.”

“The index would have the important support zone of the 50EMA-level at 24,400, which needs to be sustained to maintain the overall bias intact,” said the stock market expert.

“Bank Nifty has once again indicated a higher low formation pattern, taking support near the 52,100 zone on the daily chart. With the pullback, the bias has improved and targets of 54,500 and 55,000 levels are anticipated in the coming days. The overall trend is positive, and till the time the 52,000 zone is sustained, expect further gains,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,600 points, while the resistance lies at 24,900 points. The Bank Nifty index would have a daily range of 53,200 to 54,000. 

Buy or sell stocks by Vaishali Parekh 

1. Tata Motors Ltd. (TATAMOTORS): Buy at ₹791; Target at ₹820; Stop Loss at ₹770. 

2. HDFC Life Insurance Co. Ltd. (HDFCLIFE): Buy at ₹631; Target at ₹660; Stop Loss at ₹620. 

3. State Bank of India Ltd. (SBIN): Buy at ₹859; Target at ₹880; Stop Loss at ₹845. 

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.