As the Indian stock market opens on December 16, 2024, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying today. Following a recent rebound in the market, these recommendations come as the Nifty 50 index shows signs of recovery.
Current Market Overview
The Nifty 50 index has shown resilience after closing 0.89% higher at 24,768.30 points on December 13. The BSE Sensex also experienced a positive shift, ending 1.04% higher at 82,133.12 points. As the market opens today, the Nifty is expected to face resistance at 24,900 points while having support at the 24,600 mark.
Vaishali Parekh’s Stock Recommendations
Parekh has pinpointed three stocks that are poised for potential gains:
1. Tata Motors Ltd.
- Buy Price: ₹791
- Target Price: ₹820
- Stop Loss: ₹770
Tata Motors is currently trading at ₹791 and is showing positive momentum. The stock has recently rebounded from key support levels and is expected to reach the target of ₹820 if it maintains its upward trend.
2. HDFC Life Insurance Co. Ltd.
- Buy Price: ₹631
- Target Price: ₹660
- Stop Loss: ₹620
HDFC Life Insurance shares are trading at ₹631 and have demonstrated a strong recovery pattern. With a target of ₹660 in sight, investors are encouraged to buy at the current price while setting a stop loss at ₹620 to manage risk effectively.
3. State Bank of India Ltd.
- Buy Price: ₹859
- Target Price: ₹880
- Stop Loss: ₹845
State Bank of India (SBI) shares are currently priced at ₹859 and are positioned well for further gains. A target of ₹880 is anticipated as long as the stock holds above the stop loss level of ₹845.
Technical Analysis and Market Sentiment
Vaishali Parekh notes that the Nifty index has been facing resistance near the 24,850 zone, but recent profit booking has not deterred its overall bullish sentiment. The index’s ability to sustain above critical moving averages indicates a potential for further upward movement.
- Nifty Support: 24,600
- Nifty Resistance: 24,900
- Bank Nifty Range: Expected to move between 53,200 and 54,000
Parekh emphasizes the importance of maintaining support levels to preserve the positive bias in the market.
Conclusion
With a favorable outlook for Tata Motors, HDFC Life Insurance, and State Bank of India, investors may find attractive opportunities in these stocks as they navigate today’s trading session. As always, it’s crucial for investors to conduct their own research or consult with financial advisors before making investment decisions.
Disclaimer
The views and recommendations provided in this analysis are those of individual analysts or broking companies. Investors are strongly advised to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
