Stock market today: Trade setup for Nifty 50 to US dollar; 5 stocks to buy or sell on Tuesday — Dec 17 | Stock Market News

Stock market today: The domestic stock market indices closed in the red on Monday, December 16. The index witnessed a sharp sell-off in the IT and financial stocks, driving the index down after an initial gain from the Pharma and PSU stocks. The Nifty 50 index closed 0.4 per cent lower at 24,668.25 points, compared to 24,768.30 points at the previous market close.

The BSE Sensex index closed 0.47 per cent lower at 81,748.57 points, compared to 82,133.12 points at the previous market close.

Trade Setup for Monday

On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty after the strong recovery seen in the previous session, witnessed a sluggish movement with a gradual slide to end near the 24,700 zone with overall bias and sentiment maintained positive.”

“The index has the resistance barrier near 24,800 zone which needs to breached decisively to confirm a breakout and thereafter anticipate for further rise in the coming days,” said the stock market expert.

“Bank Nifty witnessing a very narrow rangebound sesion ended flat near 53,600 level with bias remaining positive and can expect for further rise once the 53,900 zone is decisively breached to confirm a breakout. On the downside, the 52,600 level would be maintained as the important support zone which needs to be sustained,” said Parekh.

Parekh said that the Nifty 50 Spot for today has support at 24,500 points, while the resistance lies at 24,800 points. The Bank Nifty index would have a daily range of 53,200 to 54,000.

US Dollar

The United States Dollar Index Spot was trading 0.12 per cent lower at 106.87 as of 12:45 p.m. (EST) on December 16, according to the Bloomberg Dollar Index.

The dollar after strengthening over 6 per cent this year, Wall Street is starting to become sour on the US Dollar as Trump’s policies and the Fed’s interest-rate cuts are seen to put pressure on the currency in the latter half of 2025, reported the news agency, Bloomberg.

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 stocks for Tuesday.

These include Kaynes Technology India, Lloyds Metals and Energy, Manappuram Finance, Emami Ltd, and Kotak Mahindra Bank.

Sumeet Bagadia stocks to buy today

1. Kaynes Technology India Ltd. (KAYNES): Buy at ₹7,119.75; Target at ₹7,600; Stop Loss at ₹6,860.

KAYNES is exhibiting strong bullish momentum, currently trading at an all-time high of ₹7,245.65 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 ₹7,119.75, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, KAYNES is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 80.29 levels.

For traders, keeping an eye on the strong support near 6,860 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, KAYNES current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

2. Lloyds Metals and Energy Ltd. (LLOYDSME): Buy at ₹1,148.75; Target at ₹1,210; Stop Loss at ₹1,105. 

LLOYDSME daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

This trend signals strong momentum in the stock. There is potential for LLOYDSME to attain a target price of ₹1,210 in the near term.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish momentum pattern on daily chart signalling a potential continuation of the uptrend. Furthermore, LLOYDSME is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For traders, keeping an eye on the strong support near 1,105 levels is advisable, as a breach of this level could signal a shift in sentiment.

Ganesh Dongre stocks to buy today

3. Manappuram Finance Ltd. (MANAPPURAM): Buy at ₹185; Target at ₹198; Stop Loss at ₹178.

The stock having a substantial support at ₹178, marking a crucial juncture in its recent trading. Presently, at ₹185, 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 ₹178. The anticipated target for this trade is ₹198, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock’s anticipated rally in the weeks ahead.

4. Emami Ltd. (EMAMILTD): Buy at ₹598; Target at ₹615; Stop Loss at ₹585.

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 ₹615. At present, the stock is maintaining a crucial support level at ₹585. Given the current market price of ₹598, 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 ₹615.

5. Kotak Mahindra Bank Ltd. (KOTAKBANK): Buy at ₹1,805; Target at ₹1,840; Stop Loss at ₹1,760.

On the daily chart of this stock, a breakout at the Rs.1805 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 ₹1,760 is recommended. The target price for this strategy is Rs.1840 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.