Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Friday — 27 December 2024 | Stock Market News

Stock Market Today: Markets continued to consolidate on Thursday with the benchmark Nifty 50 Index ending at 23,750.20 , up 0.1% while S&P BSE Sensex ended flat at 78,472.48. Bank Nifty at 51,170.70, too, ended 0.12% lower, and other prominent losers included the FMCG index. On the other hand, auto, pharma, and reality posted gains. The broader index ended flat.

Trade setup for Friday

For traders now, the immediate breakout level for Nifty is 23,850, or the 200-day SMA. Above this level, the market could move up to 23,950-24,000. Conversely, if it drops below 23,650, it could retest the23,550-23,500 levels, said Shrikant Chouhan, Head Equity Research, Kotak Securities.

For Bank Nifty, the 200-Days Simple Moving Average (200-DSMA) is placed at around 50,560, will act as strong support, while the 100-Day Exponential Moving Average (100-DEMA), around 51,635 serves as a resistance, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates

Global markets to 2025 outlook

A combination of thin holiday trading and weak global cues kept investors on edge. Looking ahead to 2025, the focus is now on the US Federal Reserve’s interest rate decisions and potential shifts in tariff policies from Donald Trump. As the year comes to a close, the market’s trajectory remains uncertain, leaving investors to brace for what the new year may bring, said Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.

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. InterGlobe Aviation Ltd (Indigo)– Bagadia recommends buying InterGlobe Aviation (Indigo) at ₹4725 keeping Stoplos at ₹4555 for a target of ₹ 5050

Indigo showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹4725. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge.

2.  Man Infraconstruction Ltd – Bagadia recommends buying Man Infraconstruction at ₹244.22 , keeping Stoplos at ₹235 for a target of ₹260

Man Infraconstruction chart reflects a steady rise, with the stock closing at ₹244.22. The stock is gradually recovering after a period of sideways movement. It is now approaching an important resistance level around ₹250. This level is significant as breaking above it could lead to a stronger upward movement. If the stock can stay strong and move above the current range, especially by breaking past ₹250, it may have room of further upward movement, potentially reaching ₹260 levels. On the downside, substantial support is evident near ₹235.

Ganesh Dongre’s stocks to buy today

3. Union Bank of India – Dongre recommends buying Union Bank at ₹119 keeping Stoploss at ₹115 for a target price of   ₹130

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.130. At present, the stock is maintaining a crucial support level at Rs.115. Given the current market price of Rs.119, 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. 130.

4. Hindustan Petroleum Corporation Ltd (HINDPETRO) -Dongre recommends buying Hindustan Petroleum at ₹420 keeping Stoploss of ₹412 for a target of ₹435

We have seen a major support in this stock around Rs.412 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 420 price level, which may continue its rally till its next resistance level of Rs.435 so traders can buy and hold this stock with a stop loss of Rs.412 for the target price of Rs.435 in the upcoming weeks.

5. Godrej Industries Ltd– Dongre recommends buying Godrej Industries at ₹1130 keeping Stoploss at ₹1090 for a targer price of ₹1180

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 1180 Currently, the stock is holding a crucial support level at ₹1090.

Given this scenario, there is potential for the stock to rebound towards the Rs.1180 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.1090 to manage risk effectively. The target price for this trade is Rs.1180.

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.