Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Tuesday — 24 December 2024

Stock Market Today: Market particpants got some respite from regular selling in last few trading sessions as benchmark Nifty-50 ended with gains of 0.7% at 23,753.45 on Monday. S&P BSE Sensex also ended with similar gains at 78,540.17. The Bankk Nifty recovered ending 1.1% higher at 51,317.60. Realty, and FMCG were other major gainers as most sectors contributed to recovery. The broader indices however remained subdued, ending nearly flat.

Trade setup for Tuesday

Any level above 23870 could extend the pullback in the index towards the next resistance of 24065. On the lower side 23500 seems to have become strong base in the near term, said Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

For Bank Nifty that rebounded to  51,317.6 on monday, next hurdle is close to 51,660 level, while on the downside the support is around 50,500 on the downside from here on.

Global markets to budget expectations

The positive sentiment was influenced by softer U.S. inflation data, which buoyed regional markets on Monday, said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher. Investors are now focusing on the Reserve Bank of India’s forthcoming monetary policy and the Union Budget 2025, anticipating policy measures that could further support economic growth and market stability. Over the next few days, trading volumes are expected to be thin because this is a holiday-shortened week.

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.

These include Coromandel International Ltd , Zen Technologies Ltd , HDFC Bank Ltd , Hindustan Petroleum Corporation Ltd and Multi Commodity Exchange of India Ltd (MCX)

 Sumeet Bagadia's stocks to buy today

1.Coromandel International Ltd- Bagadia recommends buying Coromandel International at ₹1868 keeping Stoploss at ₹1800 for a target price of ₹1989

Coromandel showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 1788, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹1868. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

2. Zen Technologies Ltd- Bagadia recommends buying Zen Technologies at around ₹2566.8 keeping Stoploss at ₹2465 for a target price of ₹2727

Zen Technologies 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.

Ganesh Dongre's stocks to buy today

3. HDFC Bank Ltd- Dongre recommends buying HDFC Bank at ₹1802 keeping Stoploss at ₹1785 for a target price of ₹1840

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 Rs.1840. At present, the stock is maintaining a crucial support level at Rs.1785. Given the current market price of Rs.1802, 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. 1840.

4. Hindustan Petroleum Corporation Ltd- Dongre recommends buying Hindustan Petroleum at around ₹404 keeping Stoploss at ₹396 for a target price of ₹425

We have seen a major support in this stock around Rs. 396 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 404 price level, which may continue its rally till its next resistance level of Rs.425 so traders can buy and hold this stock with a stop loss of Rs.396 for the target price of Rs.425 in the upcoming weeks.

5. Multi Commodity Exchange of India Ltd (MCX) - Dongre recommends buying MCX at ₹6370 keeping Stoploss at ₹6280 for target price of ₹6550

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around Rs. 6550 Currently, the stock is holding a crucial support level at ₹6280.

Given this scenario, there is potential for the stock to rebound towards the Rs.6550 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.6280 to manage risk effectively. The target price for this trade is Rs.6550.

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.