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Stocks to buy: Raja Venkatraman recommends three stocks for today—31 December
Source: Live Mint
Nifty 50 on 30 December: Recap
Benchmark indices fell on the penultimate trading day of 2024, dragged down by losses in banking stocks amid weak global cues. Most global markets traded weak as elevated US treasury yields and the prospect of fewer US rate cuts than earlier anticipated weighed on sentiment. Nifty could not persist with the constant selling pressure and was subjected to huge volatility that pushed the Nifty towards 23,900 points yet again, but the sell-off at these levels dragged back the Nifty. Trends were similar in Bank Nifty as after some promising move above 52,000 the index gave up quite quickly, leading to the trends dissipating across the board.
Indian stock markets: The way forward
Barring pharma, which continued its bullish outlook, other sectors gave up the upward bias quite quickly, leading to some sharp downside, which persisted through the day. The option data highlights that the max pain is around 23,900, which marks it now as an inflexion point. With steady increase in Call writing at these levels one should be careful as the market is on a sell on rise mode. As the Put Call Ratio (PCR) is moving above 1 there is some Put writing at important supports around 23,500, hinting at a possibility of some upside that can emerge from lower levels. Trends remain cautious, making us trade on either side of the market trends.
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Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
Vedanta Ltd (VEDL): Sell below ₹436, stop ₹442, target ₹427
Metal stocks continue to attract selling pressure and are in line with market sentiment, leading to some sharp decline in prominent metal names. The last few days the momentum has been generating bearish bias. With key supports around 450 broken, one can consider going short in this counter.
Lupin: Buy at ₹2,315, stop ₹2,290, target ₹2,355
The pharma industry is attracting demand while the broader markets are struggling. The option data of Lupin reveals that the constant addition of open interest with a rise in prices is favouring more upside in this counter. With the overall setup looking promising, look to buy.
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Godrej Industries (GODREJIND): Buy at ₹1,205, stop ₹1,185 target ₹1,240
After some declining weeks prices of this counter have found their feet once again. The strong long body candle closing on Monday highlights the positive momentum being witnessed. While markets are trying to stabilise, it could be a good time to consider for some upside.
Also read
Top sectors to pick and avoid in 2025
ICICI Securities, Motilal Oswal, JM Financial: Top stock picks for 2025
Three reasons why IDFC First Bank might be undervalued
Raja Venkatraman is co-founder, NeoTrader.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
