New Delhi: The Indian stock market experienced a cautious trading session on December 24, 2024, with the Nifty 50 index closing slightly lower. According to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, the Nifty 50 has established a support level at 23,600 points and faces resistance at 24,000 points.
Market Overview
On December 24, the Nifty 50 index closed at 23,727.65 points, down by 0.11% from the previous day. The BSE Sensex also saw a minor decline, closing at 78,472.87 points, down by 0.09%. With the markets closed for Christmas on December 25, traders are looking for opportunities as they prepare for the next trading session.
Nifty and Bank Nifty Outlook
Vaishali Parekh noted that the Nifty found resistance near the 23,850 level, which corresponds to the important 200-period moving average (MA). A decisive breach above this level is crucial for improving market sentiment. Parekh stated:
“The Nifty ended on a flat note in the 23,700 zone, once again finding resistance near the 23,850 levels. The index would have immediate support at the 23,500 zone, which needs to be sustained. A close above 24,000 is essential to establish conviction for further upward movement.”
The Bank Nifty closed near the 51,200 zone, facing resistance around 51,400 levels. Parekh indicated that for a bullish trend in Bank Nifty, it must surpass the significant 100-period MA at around 51,700.
Stocks to Buy Today
For traders looking to capitalize on current market conditions, Vaishali Parekh has recommended three stocks to buy today:
- Fertilizers and Chemicals Travancore Ltd (FACT)
- Buy Price: ₹968
- Target Price: ₹1,005
- Stop Loss: ₹948
- VA Tech Wabag Ltd (WABAG)
- Buy Price: ₹1,601
- Target Price: ₹1,670
- Stop Loss: ₹1,564
- T D Power Systems Ltd (TDPOWERSYS)
- Buy Price: ₹463
- Target Price: ₹485
- Stop Loss: ₹452
Conclusion
As we head into the next trading session after Christmas, traders should keep an eye on the support and resistance levels outlined by Vaishali Parekh. The recommended stocks present potential opportunities for gains in a cautious market environment.
Disclaimer
This article is intended for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with certified financial advisors before making investment decisions.
