As the Indian stock market opens on December 3, 2024, investors are looking for insights into which stocks to buy or sell. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that are expected to perform well today: Jindal Stainless, CESC, and Coal India. Here’s a closer look at her recommendations and the market outlook.
Market Overview
Current Market Sentiment
The Nifty 50 index has shown a positive trend, closing 0.6% higher at 24,274.00 points on the previous trading day. This upward movement was supported by heavyweight stocks such as Reliance Industries, HDFC Bank, and Infosys. According to Parekh, the Nifty has a support level at 24,100 points and faces resistance at 24,450 points.
- Nifty 50 Support Level: 24,100 points
- Nifty 50 Resistance Level: 24,450 points
- BSE Sensex Closing: 80,248.08 points (up 0.56%)
Stock Recommendations
1. Jindal Stainless Ltd. (JSL)
- Current Market Price (CMP): ₹694
- Target Price: ₹720
- Stop Loss: ₹683
Vaishali Parekh recommends buying Jindal Stainless as it is expected to benefit from strong demand in the stainless steel sector. The stock’s recent performance indicates potential for further gains.
2. CESC Ltd. (CESC)
- Current Market Price (CMP): ₹178
- Target Price: ₹183
- Stop Loss: ₹175
CESC is another stock highlighted by Parekh for intraday trading today. The company’s solid fundamentals and market position in the power sector make it a favorable choice for investors.
3. Coal India Ltd. (COALINDIA)
- Current Market Price (CMP): ₹421
- Target Price: ₹440
- Stop Loss: ₹408
Coal India is recommended due to its consistent performance and the ongoing demand for coal in various sectors. Parekh believes that this stock has significant upside potential.
Conclusion
As trading begins today, investors should consider Vaishali Parekh’s recommendations for Jindal Stainless, CESC, and Coal India. Each of these stocks presents unique opportunities based on their recent performance and market conditions.Investors are advised to conduct thorough research and consider their risk tolerance before making any investment decisions regarding these stocks. Disclaimer: The views and recommendations given in this article are those of individual analysts and do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions. If you need any further adjustments or additions, feel free to let me know!
