Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 5

Buy or sell stocks for today: Celebrating BJP’s sweeping victory in the three states, Indian stock market extended its participatory rally on Monday. All key benchmark indices touches record high on Monday. Nifty 50 index hit new life-time high of 20,702 levels, BSE Sensex touched new all-time high of 68,918 mark whereas Nifty Bank index climbed to a new high of 46,484 levels. In broad market, small-cap index climbed to a new peak of 41,221 mark while mid-cap index hit record high of 35,124 levels on the previous session.

Intraday trading tips for Tuesday

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market trend is bullish. Expecting fresh record high target for Nifty 50 index, Prabhudas Lilladher expert went on to add that Bank Nifty bias has also improved and the banking index may go up to 48,200 levels in near term. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — Skipper, Sunflag Iron and Steel and Sharda Cropchem.

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On outlook for Nifty 50 today, Vaishali Parekh said, “Nifty continue to make new high with a huge gap up opening witnessed and produced a bullish candle on the daily chart to strengthen the trend with 20,222 zone now maintained as the support zone. The huge positive move has improved the sentiment with new higher targets expected in the coming days.”

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On outlook for Bank Nifty today, Parekh said, “Bank Nifty also witnessed a big positive candle gaining more than 3.5% to create history hitting the All-Time High and has opened the gates for further fresh upside targets of 48,000 to 48,200 levels in the coming days. The bias has improved significantly after a long time with frontline banking stocks showing decent prominent strength to take the index to higher levels.”

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Parekh went on to add that immediate support for Nifty today is placed at 20,550 while the resistance is seen at 20,800. Bank Nifty would have a daily range of 46,100 to 47,000 levels.

Stocks to buy today

1] Skipper: Buy at ₹257.35, target ₹270, stop loss ₹253;

2] Sunflag Iron and Steel: Buy at ₹199.30, target ₹210, stop loss ₹196; and

3] Sharda Cropchem: Buy at ₹422.70, target ₹436, stop loss ₹416.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.