Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Monday — Dec 9 | Stock Market News

Stock Market Today: For the week ended 6 December, the benchmark Nifty 50 Index ended with gains of 2.3% week on Week at 24,677.80,. The S&P BSE Sensex ended at 81,709.12 . The Bank index ended the week ending 06, December with gains of 2.8% week on week at 53,509.50. Realty was the top outperformer, supported by IT and metals during the week, and FMCG and Utilities were the top underperformers. The broader markets too, gained and midcaps outperformed the gains by the benchmark Indices.

Trade Setup for Monday

The near-term trend of Nifty remains positive. Having moved above the crucial hurdle of 24500 the next upside targets to be watched around 24857-24882 band and later 25084 in the near term. Immediate support is at 24351, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The Bank Nifty must decisively cross the 53,900 resistance level to reignite upward momentum. On the downside, a break below 53,200 could push the index lower toward the 52,800 level, said m Mehra, Technical Analyst, SAMCO Securities.

Global Markets to RBI MPC outcome

The pick up in government capex may provide some impetus to infra, capital goods, realty, cement, and metal industries in H2FY25. PSU banks outperformed amid a liquidity boost by RBI. The outlook for the February monetary policy meeting also turned positive as inflation is likely to moderate in Q4, supported by seasonal corrections in vegetable prices, kharif harvest arrivals, and anticipated rabi output. For the week ahead, market direction will be influenced by the release of US payroll and US CPI inflation data, which will give some insights into the Fed’s December meeting, said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas.

Sumeet Bagadia’s stocks to buy today

1.Ajmera Realty & Infra India Ltd–  Bagadia has recommended buying Ajmera Realty at ₹1136.5 keeping Stoploss at ₹1095 for a target price of ₹1200.

Ajmera is exhibiting strong bullish momentum, currently trading at an all-time high of 1149 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached ₹1136.5, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

2. Deepak Fertilisers & Petrochemicals Corporation Ltd– Bagadia recommends buying Deepak Fertilisers at ₹1423.85 keeping Stoploss at ₹1370 with a target price of ₹1515

Deepak Fertilisers showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹1423.85. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

Ganesh Dongre’s stocks to buy today

3.Bharat Dynamics Ltd- Dongre recommends buying Bharat Dynamics at ₹1220 keeping Stoploss at Rs1180  for a target price of ₹1265

The stock having a substantial support at Rs.1180, marking a crucial juncture in its recent trading. Presently, at Rs.1220, the stock has demonstrated a definitive reversal in price action, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at ₹1180. The anticipated target for this trade is Rs.1265, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock’s anticipated rally in the weeks ahead..

4. Jyoti CNC Automation Ltd– Dongre recommends buying Jyoti CNC at ₹1340 keeping stoploss at ₹1300 for a target price of ₹1385.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 1385. At present, the stock is maintaining a crucial support level at Rs.1300. Given the current market price of ₹1340 a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 1385

5. GAIL India Ltd– Dongre recommends buying GAIL at ₹210 keeping Stoploss at ₹200 for a target price of ₹SL 200 for a Target Price of ₹224

On the daily chart of this stock, a breakout at the Rs. 207 price level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs.200 is recommended. The target price for this strategy is Rs.224 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

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 decisions.