Stock Market Today: Trade Setup for Nifty 50 to Global Markets; 5 Stocks to Buy or Sell on Tuesday — 24 December 2024
| Market Summary
Benchmark indices closed positively on Monday, giving the market participants some relief. The Nifty 50 climbed 0.7 per cent to close at 23,753.45, and the S&P BSE Sensex jumped by the same percentage to close at 78,540.17. The Bank Nifty outshone others and closed up 1.1 per cent at 51,317.60. The Realty and FMCG sectors were prominent gainers, but the large-cap indices hardly moved.
Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities, highlighted key levels to watch:
Nifty 50: Any move above 23,870 could extend the pullback towards the next resistance at 24,065. On the downside, the 23,500 level has emerged as a strong base.
Bank Nifty: After rebounding to 51,317.6 on Monday, the next hurdle is at 51,660, while support lies around 50,500.
| Global Markets and Domestic Outlook
Vikram Kasat, Head of Advisory at PL Capital – Prabhudas Lilladher, attributed Monday’s positive sentiment to softer U.S. inflation data, which buoyed regional markets. Investors are now shifting focus to the Reserve Bank of India’s forthcoming monetary policy and the Union Budget 2025. Expectations of policy measures to support economic growth and market stability are high. However, trading volumes may remain thin this week due to the holiday season.
Best Stocks For Today
Two analysts today, Sumeet Bagadia of Choice Broking and Ganesh Dongre of Anand Rathi have given their stocks for today.
|Sumeet Bagadia's Pick
> Coromandel International Ltd :
- Buy at: ₹1868
- Target Price: ₹1989
- Stop Loss: ₹1800
Coromandel has been displaying bullish momentum with a large uptrend from its lower support near ₹1788. The stock has traded well above the 20-Day EMA in its recent trade and is most likely to continue the bull run.
> Zen Technologies Ltd :
- Buy at: ₹2566.8
- Target Price: ₹2727
- Stop Loss: ₹2465
Analysis: Zen Technologies has followed a strong upward pattern breaking past resistance levels and touching a new weekly high. The technical setup indicates continued upward movement.
|Ganesh Dong re's Picks
> HDFC Bank Ltd
- Buy Level: ₹1802
- Target Price: ₹1840
- Stop Loss: ₹1785
Analysis: There is a pattern of bullish reversal. Thus, the stock might retract to ₹1840. The stock has good support at ₹1785 which would form a base for a short-term up move.
> Hindustan Petroleum Corporation Ltd (HPCL)
- Buy Level: ₹404
- Target Price: ₹425
- Stop Loss: ₹396
Analysis: HPCL has bounced back from its main support level of ₹396. The current structure is indicating a rally towards its next resistance at ₹425.
> Multi Commodity Exchange of India Ltd (MCX)
- Buy Level: ₹6370
- Target Price: ₹6550
- Stop Loss: ₹6280
Analysis: MCX is holding the critical support level at ₹6280, and also there is a bullish reversal pattern that indicates a move up to ₹6550.
Disclaimer :
The views and recommendations above are those of individual analysts or broking firms and not of ICFM. Investors are advised to consult certified experts before making any investment decisions.
