As the Indian stock market faces ongoing volatility, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. With the Nifty 50 index showing signs of cautious sentiment, these recommendations could provide opportunities for traders looking to capitalize on potential gains.
Market Overview
On December 18, 2024, the Indian stock market indices closed lower for the third consecutive session. The Nifty 50 index fell by 0.56%, closing at 24,198.85 points, while the BSE Sensex dropped 0.62% to finish at 80,182.20 points. The market was under pressure due to profit booking in blue-chip stocks and declines in the BSE Mid-cap and Small-cap segments.
Nifty 50 Support and Resistance Levels
Vaishali Parekh notes that the Nifty 50 index has a crucial support level at 24,000 points and faces resistance at 24,400 points. The recent correction from the 24,800 zone indicates a cautious market bias, with profit booking leading to a breach below the significant 50-day exponential moving average (EMA) of 24,450 points.
Recommended Stocks to Buy
Here are Vaishali Parekh’s top three stock recommendations for December 19:
- Triveni Engineering and Industries Ltd. (TRIVENI)
- Buy Price: ₹471.75
- Target Price: ₹495
- Stop Loss: ₹460
- Clean Science and Technology Ltd. (CLEAN)
- Buy Price: ₹1,471
- Target Price: ₹1,535
- Stop Loss: ₹1,440
- Indraprastha Gas Ltd. (IGL)
- Buy Price: ₹398
- Target Price: ₹416
- Stop Loss: ₹389
Market Sentiment and Future Outlook
Parekh emphasizes that while the Nifty index has experienced recent corrections due to profit booking, it remains above key support levels that could facilitate a trend reversal if sustained. The upcoming US Federal Reserve meeting is expected to influence market dynamics in the coming days.The Bank Nifty index is also under scrutiny as it navigates resistance levels around 53,800, with potential movement expected between 51,600 and 52,700.
Conclusion
Investors are encouraged to consider Vaishali Parekh’s recommendations as they navigate the current market landscape. With specific buy targets and stop-loss levels outlined for each stock, these picks offer a strategic approach for those looking to invest in breakout opportunities amid market fluctuations.
Disclaimer
The views and recommendations provided in this analysis are those of individual analysts or broking companies and do not reflect the views of Mint or its management. Investors should conduct their own research or consult with certified financial advisors before making any investment decisions based on this information. The stock market carries inherent risks, and past performance is not indicative of future results.
