Vaishali Parekh, a prominent analyst at Prabhudas Lilladher, has recommended three stocks for investors to consider buying on December 30, 2024. This comes amidst a cautiously optimistic outlook for the Indian stock market, particularly for the Nifty 50 index.
Market Overview
The Indian stock market experienced gains in the previous session, driven by strong performances from major banking and automotive companies. The Nifty 50 index closed at 23,813.40 points, up 0.27%, while the BSE Sensex rose 0.29% to end at 78,699.07 points. Parekh notes that the Nifty has established a support level at 23,600 points and faces resistance at 24,000 points. The Bank Nifty is expected to fluctuate between 51,000 and 52,000 points.
Recommended Stocks
1. Mahindra and Mahindra Ltd. (M&M)
- Buy Price: ₹3,049
- Target Price: ₹3,160
- Stop Loss: ₹2,995
Mahindra and Mahindra has shown resilience in the automotive sector, and Parekh’s recommendation suggests potential for further growth given its current market dynamics.
2. VA Tech Wabag Ltd. (WABAG)
- Buy Price: ₹1,646
- Target Price: ₹1,720
- Stop Loss: ₹1,615
As a leader in water treatment solutions, VA Tech Wabag is well-positioned to benefit from increasing investments in infrastructure and sustainability initiatives.
3. Tourism Finance Corporation of India Ltd. (TFCILTD)
- Buy Price: ₹157.80
- Target Price: ₹165
- Stop Loss: ₹154
With the tourism sector recovering post-pandemic, TFCILTD presents an attractive opportunity for investors looking to capitalize on this rebound.
Technical Analysis Insights
Vaishali Parekh emphasizes a cautious yet positive approach to trading in the current market environment. The Nifty index has encountered resistance near the 23,850 levels, which aligns with the important 200-period moving average. A decisive close above 24,000 points could signal a breakout and further upward momentum in the coming days.Parekh stated:
“The sentiment is gradually improving; however, maintaining support near 23,500 levels is crucial for sustaining this positive bias.”
Conclusion
Investors looking for strategic entry points may consider the stocks recommended by Vaishali Parekh as part of their portfolio diversification strategy. However, it is essential to adhere to stop-loss levels to mitigate risks associated with market volatility.
Disclaimer
The views and recommendations provided here are based on individual analysis and do not constitute financial advice. Investors should conduct their own research or consult with certified financial advisors before making investment decisions as market conditions can change rapidly.
