Buy or sell: Vaishali Parekh recommends three stocks for today — December 10

Buy or sell stocks: The domestic stock market indices closed lower on Monday, December 9, as the index heavyweights from the FMCG segment and Reliance Industries dragged it down. The Nifty 50 index closed 0.24 per cent lower at 24,619 points, compared to 24,677.80 points at the previous market close.

The BSE Sensex index closed 0.25 per cent lower at 81,508.46 points on Monday, compared to its previous level of 81,709.12 points a day before. 

Vaishali Parekh's stocks to buy today

Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty has been consolidating near the 24,600-24,700 zone in the last two market sessions. A breach above the 24,750 level will determine the index's further rise, with the bias maintained cautiously positive. 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 53,000 to 54,000 range.

Parekh recommended three buy-or-sell stocks for Tuesday: Advanced Enzyme Technologies Ltd, NMDC Ltd, and Mishra Dhatu Nigam Ltd. 

Stock market today

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty, with an inside bar formation pattern on the daily chart, has been consolidating near the 24,600-24,700 zone since the last 2 sessions and would need to breach above the 24,750 level decisively to carry on the upward move further, with next targets of 25,200 and 25,800 and overall bias maintained cautiously positive.”

“The zone near the significant 50EMA level of 24,400 would be the immediate support for the index, which needs to be sustained as of now,” said the stock market expert.

“Bank Nifty has been finding tough resistance near the 53,800 zone since the last 3 sessions and, with a rangebound movement, has been hovering near the 53,300-53,500 zone for quite some time. The 52,600 level would be the important support for the index, which needs to be sustained to maintain the overall bias intact and to expect further rise,” 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 53,000 to 54,000. 

Buy or sell stocks by Vaishali Parekh 

1. Advanced Enzyme Technologies Ltd. (ADVENZYMES): Buy at ₹387; Target at ₹410; Stop Loss at ₹370. 

2. NMDC Ltd. (NMDC): Buy at ₹241; Target at ₹255; Stop Loss at ₹235.

3. Mishra Dhatu Nigam Ltd. (MIDHANI): Buy at ₹390; Target at ₹410; Stop Loss at ₹380. 

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.