Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 28
Buy or sell stocks for today: Following strong global market sentiments, Indian stock market extended its rally for fourth straight session on Wednesday. Nifty 50 index touched a new high of 21,675 and hit its highest-ever closing levels of 21,654. BSE Sensex surged around 1 per cent and closed at 72,038 levels while Bank Nifty index gained 1.17 per cent and closed at 48,282 mark after touching a new peak of 48,347 levels.
Broad market indices rose less than the Nifty even as the advance-decline ratio after falling managed to remain in the positive at 1.07:1.
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Intraday trading tips for Thursday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that stock market trend is bullish and anticipated further rise in Indian indices. Prabhudas Lilladher expert went on to add that pull back in key benchmark indices could become possible as frontline stocks have started participating in it. Vaishali Parekh went on to add that some frontline stocks like HDFC Bank, SBI, AXIS Bank and Kotak Bank are looking good and it can further fuel key benchmark indices in near term.
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On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — LIC Housing Finance, VRL Logistics and Zen Tech.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty created history once again to record new high breaching above the previous peak zone of 21,593 levels to strengthen the trend and anticipate for further rise with next target of 22,300 levels visible in the coming days. The pullback has been strong and with many of the frontline stocks participating in the rally, there is much upside potential to carry on with the positive move to achieve higher targets.”
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“Bank Nifty witnessed decent pullback from the low made near 46,920 level to gain strength and indicated a breakout above the previous peak of 48,220 levels to anticipate for further rise with next target of 49,800 levels open. Frontline banking stocks like HDFC Bank, SBI, AXIS Bank and Kotak Bank are looking good and can help the index to achieve the target in the coming days,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 21,500 zone while the resistance is seen at 21,800 level. Bank Nifty would have a daily range of 48,000 to 48,700 levels.
Stocks to buy today
1] LIC Housing Finance: Buy at ₹524, target ₹547, stop loss ₹515;
2] VRL Logistics: Buy at ₹750, target ₹780, stop loss ₹740; and
3] Zen Tech: Buy at ₹810, target ₹850, stop loss ₹795.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 28 Dec 2023, 07:43 AM IST
