Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 26

Buy or sell stocks: The Indian stock market indices ended flat on Tuesday, December 24, after witnessing a relief rally in the previous market session. The Nifty 50 index closed 0.11 per cent lower at 23,727.65 points, compared to 23,753.45 points at the previous market close. 

The BSE Sensex closed 0.09 per cent lower at 78,472.87 points on Tuesday, compared to 78,540.17 points at the previous market close. The stock markets were closed on account of the Christmas holiday on Wednesday, December 25. 

Vaishali Parekh’s stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty found resistance near the 23,850 level of the 200-period MA zone, a decisive breach above the level needed to improve the bias. 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 50,800 to 51,800 range.

Parekh recommended three buy-or-sell stocks for Thursday: Fertilizers and Chemicals Travancore Ltd, VA Tech Wabag Ltd, and T D Power Systems Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty ended on a flat note in the 23,700 zone, once again finding resistance near the 23,850 levels of the important 200-period MA, which needs to be decisively breached above to improve the bias.”

“As mentioned earlier, the index would have the immediate support of 23,500 zone which needs to be sustained and at the same time, on the upside a close above 24,000 level is very important to establish conviction and thereafter, anticipate for further rise in the coming days,” said the stock market expert.

“Bank Nifty closed with a marginal loss near 51,200 zone, once again witnessing resistance near the 51,400 levels in a narrow, rangebound session. The index needs to get past the important 100-period MA at the 51,700 zone to improve the bias from the current levels. A decisive breach above the significant 50EMA-level of 52,100 shall establish conviction for further rise,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 23,600 points and resistance at 24,000 points. The Bank Nifty index would have a daily range of 50,800 to 51,800. 

Buy or sell stocks by Vaishali Parekh

1. Fertilizers and Chemicals Travancore Ltd. (FACT): Buy at ₹968; Target at ₹1,005; Stop Loss at ₹948.

2. VA Tech Wabag Ltd. (WABAG): Buy at ₹1,601; Target at ₹1,670; Stop Loss at ₹1,564.

3. T D Power Systems Ltd. (TDPOWERSYS): Buy at ₹463; Target at ₹485; Stop Loss at ₹452.

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.