As the Indian stock market navigates through a challenging phase, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today, December 23, 2024. With the Nifty 50 index showing signs of volatility, these recommendations come at a crucial time for market participants.
Current Market Conditions
The Indian stock market faced significant pressure last week, with the Nifty 50 index closing 1.52% lower at 23,587.50 points on December 20. Major heavyweights such as TCS, Reliance, and Infosys contributed to this decline, leading to concerns about the overall market sentiment. The index is currently supported at the 23,350 mark while facing resistance at 23,800 points.Vaishali Parekh noted that the Nifty has ended below the critical 200-period moving average of 23,800, indicating a bearish trend if it falls below the recent low of 23,250.
Recommended Stocks to Buy
Despite the bearish outlook for the Nifty 50 index, Vaishali Parekh recommends the following three stocks for potential gains:
1. Data Patterns India Ltd. (DATAPATTNS)
- Buy Price: ₹2,567.75
- Target Price: ₹2,690
- Stop Loss: ₹2,500
Data Patterns India has shown resilience in its price action. Currently trading around ₹2,567.75, the stock is positioned to reach its target of ₹2,690 if it maintains upward momentum.
2. KEC International Ltd. (KEC)
- Buy Price: ₹1,236.70
- Target Price: ₹1,290
- Stop Loss: ₹1,210
KEC International is currently trading at ₹1,236.70 and has established a strong support level. A sustained move above this price could lead to a target of ₹1,290, making it an attractive buy for investors.
3. Titagarh Rail Systems Ltd. (TITAGARH)
- Buy Price: ₹1,310.55
- Target Price: ₹1,367
- Stop Loss: ₹1,280
Titagarh Rail Systems is trading at ₹1,310.55 and is poised for growth. Investors are advised to buy at this price with a target of ₹1,367 while placing a stop loss at ₹1,280 to manage risk effectively.
Conclusion
Vaishali Parekh’s recommendations for Data Patterns India Ltd., KEC International Ltd., and Titagarh Rail Systems Ltd. provide actionable insights for investors navigating through a volatile market environment. As always, investors should conduct their own research and consider their risk tolerance before making investment decisions.
Disclaimer
The views expressed in this article are based on individual analysts’ opinions and do not constitute financial advice. Investors should consult with certified financial advisors before making investment decisions as market conditions can change rapidly.
