Buy or sell: Vaishali Parekh recommends three stocks for today — December 5

Buy or sell stocks: The domestic stock market indices struggled to maintain the recent gains on Wednesday, December 4, as investors remain cautious ahead of the RBI's monetary policy announcement. The Nifty 50 index closed 0.4 per cent higher at 24,467.45 points, compared to 24,457.15 points at the previous market close.

The BSE Sensex closed 0.14 per cent higher at 80,956.33 points, compared to 80,845.75 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 pullback in the last two market sessions and found resistance near the previous peak zone of 24,550. The bias is still positive. Parekh estimates the Nifty 50 Spot index to find support at 24,300 points and face resistance at 24,600 points. The Bank Nifty index will likely move in the 52,800 to 53,900 range.

Parekh recommended three buy-or-sell stocks for Thursday: Indian Renewable Energy Development Agency Ltd, Biocon Ltd., and South Indian Bank Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty, after witnessing the pullback in the last 2 sessions, found resistance near the previous peak zone of 24,550 levels, and amid some volatility, slipped down to end on a flat note, with bias still maintained positive.”

“The index would need a decisive breach above the 24,550 level to confirm a breakout and to expect further rise, with next targets of 24,800 and 25,200 levels visible with 24,300 level as the immediate support, which needs to be sustained as of now,” said the stock market expert.

“Bank Nifty has indicated strong bias moving past the 53,000 zone with HDFC Bank leading from the front hitting the 52-week high level and gaining strength. The index would have the next important level of 54,470 of the previous peak zone and can retest in it the coming days with strength sustaining,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,300 points, while the resistance lies at 24,600 points. The Bank Nifty index would have a daily range of 52,800 to 53,900. 

Buy or sell stocks by Vaishali Parekh 

1. Indian Renewable Energy Development Agency Ltd. (IREDA): Buy at ₹215; Target at ₹230; Stop Loss at ₹208.

2. Biocon Ltd. (BIOCON): Buy at ₹380; Target at ₹400; Stop Loss at ₹370.

3. South Indian Bank Ltd. (SOUTHBANK): Buy at ₹25.4; Target at ₹30; Stop Loss at ₹23.

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.