Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 4
Buy or sell stocks for today: On account of of pleasantly surprising Indian GDP data, Indian stock market ended higher on fourth straight session on Friday last week. Nifty 50 index touched new life-time high of 20,291 and finished 134 points higher at 20,267 levels. BSE Sensex gained 492 points and closed at 67,481 mark whereas Bank Nifty index ended 332 points higher at 44,814 levels. In broad market, small-cap index gained 0.48 per cent whereas mid-cap index shot up 0.96 per cent.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market trend is bullish. Prabhudas Lilladher expert went on to add that Nifty 50 index needs to sustain above the 20,250 levels to confirm fresh breakout. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today — GIPCL, CESC and Crompton Greaves.
Stock market today
On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty created history breaching above the previous peak zone of 20,222 levels and entered a new territory to touch the high of 20,291 indicating a strong trend. The Index needs to sustain above the 20,250 levels in the coming session to confirm the breakout and anticipate for further rise.”
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“Bank Nifty also witnessed a pullback to move past the 44,800 levels to maintain the bias intact and further ahead, as mentioned earlier, needs a decisive close above 45,000 to establish a confirmation to anticipate for further rise in the coming days,” said Parekh.
Parekh went on to add that immediate support for Nifty today is placed at 20,100 levels while the resistance is seen at 20,400 levels. Bank Nifty would have a daily range of 44,500 to 45,200 levels.
Stocks to buy today
1] GIPCL: Buy at ₹165, target ₹174, stop loss ₹162;
2] CESC: Buy at ₹100.50, target ₹106, stop loss ₹98; and
3] Crompton Greaves: Buy at ₹289.90, target ₹304, stop loss ₹285.
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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Updated: 04 Dec 2023, 06:58 AM IST
