Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Monday — 30 December 2024 | Stock Market News

Stock Market Today: Consolidation continued in the Indian stock market during the week ending 27 December, as the Benchmark Nifty 50 Index and S&P BSE Sensex ended about 1% weekly. Bank Nifty was about 1% higher, while Pharma  Auto and FMCG were top outperformers.  Metals & Industrials, on the other hand, remained among key underperformers. Caution  in the markets is reflected in the broader markets as mid-caps and small-caps ended flat

Trade setup for Monday

On the technical front, Nifty is striving to hold its critical long-term moving average (200 Day Exponential Moving Average), A decisive breach below the recent swing low of 23,500 could intensify selling pressure, with the next major support level near November’s low of 23,263.15, said Ajit Mishra – SVP, Research, Religare Broking Ltd. On the upside, the 24,100–24,400 zone remains a key resistance, he added

For the Bank Nifty, 51000 will act as a crucial support zone for traders, while the 50-day SMA or 51600 and 52000 will serve as important resistance zones, said Amol Athawale, VP- Technical Research, Kotak Securities.

Global markets to 2025 outlook

Significant market attention is expected for the upcoming Q3 results, which will be crucial in shaping the market trajectory. Investors are likely to align their portfolios based on pre-budget expectations. Additionally, key data points such as the PMI data for India, the US, and China and US jobless claims will influence investor sentiment. The auto sector is likely to be in the limelight, aided by an expectation of a pickup in volumes in December and comfort in valuation, 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.CEAT Ltd – Bagadia recommends buying CEAT Ltd at ₹3253.45, keeping Stoploss at ₹3139 for a target price of ₹3481

CEAT Ltd is currently trading at ₹3253.45, exhibiting a strong bullish trend marked by the formation of higher highs and higher lows. The stock recently reversed from a key support level and formed a bullish candlestick pattern on the daily timeframe, signalling upward momentum. This reversal is further validated by a noticeable increase in trading volumes, indicating robust buying interest from investors.

2.Campus Activewear Ltd– Bagadia recommends buying Campus at ₹315.80, keeping Stoploss at ₹304 for a target price of ₹338

Campus is trading at ₹315.8, forming a bullish head-and-shoulders pattern that indicates a potential trend reversal to the upside. After completing the left, head, and right shoulder, the price successfully broke out above the neckline, signalling strong upward momentum. 

Ganesh Dongre’s stocks to buy today

3. Hindustan Petroleum Corporation Ltd (HPCL) – Dongre recommends buying HPCL at ₹410, keeping Stoploss at ₹400 for a target price of ₹430.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹430. The stock is currently maintaining a crucial support level of Rs.400. Given the current market price of Rs.410, 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.430.

4. Bharat Electronics Ltd (BEL) _ Dongre recommends buying Bharat Electronics Ltd (BEL) at ₹293 for a Stoploss at ₹285 for a target price of ₹305

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.305. The stock is currently maintaining a crucial support level at Rs.285. Given the current market price of Rs.293, 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.305

5. ICICI Bank Ltd– Dongre recommends buying ICICI Bank at ₹1308, keeping Stoploss at ₹1290 for a target price of ₹1340.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 1340. At present, the stock is maintaining a crucial support level at Rs.1290. Given the current market price of Rs.1308, 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. 1340.

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.