As the Indian stock market opens on December 5, 2024, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks to consider for trading today. With the Nifty 50 index showing support at 24,300 and facing resistance at 24,600, investors are keen to capitalize on potential opportunities in the market.
Market Overview
Nifty 50 Performance
The Nifty 50 index closed at 24,467.45, up 0.4% from the previous session. Despite this positive close, major indices struggled to maintain gains as investors remained cautious ahead of the Reserve Bank of India’s (RBI) monetary policy announcement.
- Nifty 50 Close: 24,467.45 (+0.4%)
- BSE Sensex Close: 80,956.33 (+0.14%)
Key Support and Resistance Levels
According to Parekh, the Nifty is currently facing resistance near the 24,550 level. A decisive breach above this level could lead to further upward movement towards targets of 24,800 and potentially 25,200. The immediate support level is identified at 24,300.
Vaishali Parekh’s Stock Recommendations
Recommended Stocks for Today
Here are the three stocks recommended by Vaishali Parekh for December 5:
- Indian Renewable Energy Development Agency Ltd. (IREDA)
- Buy Price: ₹215
- Target Price: ₹230
- Stop Loss: ₹208
- Rationale: IREDA is positioned well within the renewable energy sector, which is expected to grow significantly in the coming years.
- Biocon Ltd. (BIOCON)
- Buy Price: ₹380
- Target Price: ₹400
- Stop Loss: ₹370
- Rationale: Biocon continues to show strong fundamentals and is well-regarded in the biopharmaceutical industry.
- South Indian Bank Ltd. (SOUTHBANK)
- Buy Price: ₹25.4
- Target Price: ₹30
- Stop Loss: ₹23
- Rationale: The bank has shown resilience and potential for growth amidst a recovering banking sector.
Conclusion
With a positive bias in the market and key support and resistance levels in focus, Vaishali Parekh’s recommendations provide actionable insights for traders looking to navigate today’s stock market landscape. Investors are encouraged to consider these stocks while keeping an eye on broader market trends.
Disclaimer: The views and recommendations provided in this article are those of individual analysts and do not represent the views of this publication. Investors are advised to consult certified financial experts before making any investment decisions.
