Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 24

Buy or sell stocks: The Indian stock market indices snapped their five-day losing streak as they witnessed a relief rally on Monday, December 23. The Nifty 50 index closed 0.7 per cent higher at 23,753.45 points, compared to 23,587.50 points at the previous market close.

The BSE Sensex index closed 0.64 per cent higher at 78,540.17 points on Monday, compared to 78,041.59 points in the previous trading session. 

Vaishali Parekh's stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty has indicated a small pullback relief amid some volatility. The index will need a decisive close above the 24,000 zone to establish some belief of a further rise. Parekh estimates the Nifty 50 Spot index to find support at 23,600 points and face resistance at 24,000 points. The Bank Nifty index will likely move in the 51,000 to 51,900 range.

Parekh recommended three buy-or-sell stocks for Monday: Bharat Heavy Electricals Ltd (BHEL), Torrent Power Ltd., and Jubilant FoodWorks Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty has indicated an ascending channel pattern on the daily chart with currently having arrived near the base of the channel zone at 23,500 levels and has indicated a small pullback relief amid some volatility.”

“As mentioned earlier, it would need to move past the important 200 period MA of 23,850 zone to improve the bias and technically would require a decisive close above 24,000 zone to establish some conviction for further rise. The index is currently precariously placed with the next important and crucial support lying near the previous low made near 23,250 level, which needs to be sustained,” said the stock market expert.

“Bank Nifty has recovered to some extent, indicating a pullback closing above the 51,300 level, taking support from the low made in the previous session near the important 200 period MA of 50,500 levels, to show some signs of improvement. A decisive breach above the significant 50EMA level of 52,100 level is necessary to improve the bias and, thereafter, anticipate further rise,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,600 points, while the resistance lies at 24,000 points. The Bank Nifty index would have a daily range of 51,000 to 51,900. 

Buy or sell stocks by Vaishali Parekh 

1. Bharat Heavy Electricals Ltd (BHEL): Buy at 240.95; Target at ₹252; Stop Loss at ₹234. 

2. Torrent Power Ltd. (TORNTPOWER): Buy at ₹1,551.35; Target at ₹1,620; Stop Loss at ₹1,520. 

3. Jubilant FoodWorks Ltd. (JUBLFOOD): Buy at ₹691.65; Target at ₹725; Stop Loss at ₹678. 

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.