Stocks to buy: Anand Rathi suggests Waaree Energies, Hindustan Aeronautics as its Emerging stock picks for December | Stock Market News
Source: Live Mint
Stocks to buy: The Indian stock market benchmark indices, Sensex and Nifty 50, traded lower on Monday following weakness in global market peers. While metals, realty and banking stocks gained, selling in FMCG, auto, oil & gas and IT stocks weighed on market s.
In the month of December so far, Nifty 50 has gained over a percent as foreign institutional investors (FII) turned positive on domestic equities. The FIIs have bought Indian shares worth ₹11,933 crore so far in December, data from stock exchanges showed.
Brokerage firm Anand Rathi has come out with its Emerging Picks report for December wherein it recommends two stocks to buy, which it believes have the potential to deliver decent upside in the near term.
Anand Rathi recommends the recently listed Waaree Energies shares and defence stock Hindustan Aeronautics as its top emerging stock picks for December. Here are the details of the stocks to buy:
Waaree Energies
Waaree Energies stock has been consolidating after a fall post its listing. Now, the stock is witnessing a breakout along with positive placement of momentum oscillators which indicates a strong bounce, Anand Rathi said.
Thus, the brokerage firm advises traders to buy Waaree Energies shares in the range of ₹2,800 – 2,830 with a stop loss of ₹2,600 for an upside target price of ₹3,138 and ₹3,245 and a timeframe of 30 – 90 days.
Hindustan Aeronautics
For many months, Hindustan Aeronautics share price was trading in a falling channel on the back of heavy profit booking. Recently we have witnessed a breakout from that falling channel which confirms a change of trend. On the daily scale, RSI has just cleared the 60 mark and that indicates a fresh move on the upside, the brokerage firm said.
Thus, it advises traders to go long in Hindustan Aeronautics stock in the range of ₹4,450 – 4,550, with a stop loss of ₹4,200. The brokerage has Hindustan Aeronautics share price targets of ₹4,950 and ₹5,100, with a timeframe of 30 – 90 days.
At 2:10 PM, Waaree Energies shares were trading 0.84% higher at ₹2,924.95 apiece, while Hindustan Aeronautics shares were trading 1.35% higher at ₹4,624.05 apiece on the BSE.
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 making any investment decisions.
