Today's stock market: According to experts, a clear breach below the previous swing low of 23,500 could increase selling pressure for the Nifty 50 Index.Today's Stock Market: The Indian stock market continued to consolidate in the week ending December 27, with the S&P BSE Sensex and the benchmark Nifty 50 Index closing at roughly 1% weekly. FMCG and Pharma Auto were the highest achievers, while Bank Nifty was up around 1%. However, Metals & Industrials continued to be one of the major underperformers. Because mid-caps and small-caps ended flat, the broader markets also showed caution.
Monday's trade setup
Technically speaking, Nifty is attempting to maintain its 200-day exponential moving average, which is a crucial long-term moving average. The next significant support level is close to the November low of 23,263.15, thus a clear break below the current swing low of 23,500 could increase selling pressure, according to Ajit Mishra, SVP, Research, Religare Broking Ltd. The 24,100–24,400 range is still a crucial barrier level on the upward, he continued.
According to Amol Athawale, VP-Technical Research at Kotak Securities, the 50-day SMA or 51600 and 52000 would be significant resistance zones for the Bank Nifty, while 51000 will be a critical support zone for traders.
Outlook for global markets through 2025
The forthcoming Q3 results are anticipated to garner a lot of market attention and will play a pivotal role in determining the direction of the market. Pre-budget forecasts are likely to influence how investors align their portfolios. Investor mood will also be influenced by important data points including US jobless claims and PMI data for China, India, and the US. According to Vinod Nair, Head of Research at Geojit Financial Services, the car industry is expected to be in the spotlight due to comfort in valuation and an anticipated increase in volumes in December.
Stocks to purchase today
Choice Broking Executive Director Sumeet Bagadia has suggested two stocks for today. Three stock suggestions have been proposed by Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
These include of ICICI Bank Ltd., Bharat Electronics Ltd. (BEL), Hindustan Petroleum Corporation Ltd. (HPCL), Campus Activewear Ltd., and CEAT Ltd.
Stocks to purchase today according to Sumeet Bagadia: 1. CEAT Ltd. Bagadia suggests purchasing CEAT Ltd. at ₹3253.45 with a stop loss at ₹3139 for a target price of ₹3481.
With a strong bullish trend characterized by the establishment of higher highs and higher lows, CEAT Ltd is currently trading at ₹3253.45. On the daily timescale, the stock just reversed from a significant support level and developed a bullish candlestick pattern, indicating upward momentum. A discernible rise in trade volumes, which suggests strong investor purchasing activity, further supports this reversal.
2. For a target price of ₹338 Bagadia suggests purchasing Campus at ₹315.80 and holding onto Stoploss at ₹304.
At ₹315.8, Campus is trading in a bullish head-and-shoulders pattern that suggests a possible upward trend reversal. The price effectively broke out above the neckline after completing the left, head, and right shoulders, indicating strong upward momentum.
Hindustan Petroleum Corporation Ltd. (HPCL) is one of Ganesh Dongre's stocks to purchase today. Dongre suggests purchasing HPCL at ₹410 with a stop loss at ₹400 for a target price of ₹430.
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of ₹430. At the moment, the stock is holding steady at a critical support level of Rs. 400. There is a chance to buy at the current market price of Rs. 410. This implies that investors may think about buying the stock at its current price in the hopes that it would increase to the Rs. 430 objective.
4. Dongre suggests purchasing Bharat Electronics Ltd. (BEL) at ₹293 with a stop loss at ₹285 for a target price of ₹305.
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. This technical pattern raises the prospect of a brief price retreat for the stock, with a possible peak of Rs. 305. At Rs. 285 the stock is presently holding a critical support level. There is a chance to buy at the current market price of Rs. 293. This implies that investors may think about buying the company at its current price in the hopes that it will increase to the Rs. 305 objective.
5. Dongre suggests purchasing ICICI Bank Ltd. at ₹1308 with a stop loss at ₹1290 in order to reach the target price of ₹1340.
The stock's recent short-term trend analysis has shown a noteworthy bullish reversal pattern. This technical pattern raises the prospect of a brief price retreat for the stock, with a potential high of Rs. 1340. The stock is currently holding steady at Rs. 1290, a critical support level. There is a chance to buy at the current market price of Rs. 1308. This implies that investors may think about buying the stock at its current price in the hopes that it will increase to the Rs. 1340 objective.
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