Buy or sell: Vaishali Parekh recommends three stocks for today — December 11

Buy or sell stocks: The domestic stock market indices closed flat on Tuesday, December 10, as gains from the index heavyweights Infosys, ICICI Bank and SBI were offset by the losses of Reliance Industries, Bharti Airtel and Larsen and Toubro (L&T). The Nifty 50 index closed 0.36 per cent lower at 24,610.05 points, compared to 24,619 points at the previous market close.

The BSE Sensex index closed with 0.0019 per cent at 81,510.05 points on Tuesday, compared to 81,508.46 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 continues to be sluggish, with a gradual slide visible from the top near the 24,850 mark. The index maintaining a positive bias is expected to rise in the upcoming days. Parekh estimates the Nifty 50 Spot index to find support at 24,500 points and face resistance at 24,800 points. The Bank Nifty index will likely move in the 53,200 to 54,000 range.

Parekh recommended three buy-or-sell stocks for Wednesday: Hindustan Oil Exploration Co. Ltd, Canara Bank Ltd, and Mahindra and Mahindra Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty continue to witness sluggishness with gradual slide visible from the top made near 24,850 levels, but maintains the positive bias with the broader markets indicating strength. It can be expected to further rise in the coming days.”

“The index would have the significant 50EMA zone at 24,400 levels as the important support zone which needs to be sustained, and on the upside, has to cross above the 24,850 zone for further fresh upward move,” said the stock market expert.

“Bank Nifty has been finding tough resistance near the 53,800 zone, and since the last 3 sessions, has been moving within a narrow range with 53,300 levels maintained as the immediate support. The index would need a decisive breach above 53,800 levels to carry on with the positive move further ahead and retest the previous peak zone of 54,470 levels, with bias maintained positive,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,500 points, while the resistance lies at 24,800 points. The Bank Nifty index would have a daily range of 53,200 to 54,000. 

Buy or sell stocks by Vaishali Parekh 

1. Hindustan Oil Exploration Co. Ltd. (HINDOILEXP): Buy at ₹204; Target at ₹220; Stop Loss at ₹195. 

2. Canara Bank Ltd. (CANBK): Buy at ₹109; Target at ₹118; Stop Loss at ₹104. 

3. Mahindra and Mahindra Ltd. (M&M): Buy at ₹3,070; Target at ₹3,150; Stop Loss at ₹3,030. 

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.