Indian stock market: Nifty remained sideways during the session, fluctuating within the range of 21650-21750. A doji pattern has formed on the daily chart, indicating indecisiveness in the market. This sentiment requires confirmation through a decisive breakout above 21750 or a breakdown below 21650. If it falls below 21650, the Nifty could potentially decline towards 21500. Conversely, if there’s sustained trading above 21750, the index might aim for 22000.
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Bank Nifty
Bank Nifty slipped lower, forming a small red-bodied candle on the daily chart. Resistance is situated at 48300 on the higher end. As long as the index stays below 48300, the trend could lean towards favoring the bears. Moreover, a decisive drop below 48000 might drive the index below 47500-47300. Conversely, a decisive move above 48300 could propel the index towards 48800-49000 on the higher end.
Stocks to Buy
Dabur | Recommendation: Buy | CMP: ₹556 | Target: ₹590 | Stop Loss: ₹540
The stock has experienced a consolidation breakout on the daily chart, signaling increased optimism among traders. Moreover, the price has crossed above a crucial moving average, indicating a potential shift in trend. The daily RSI shows a bullish crossover, further supporting the upward momentum. With the price nearing 590 on the upside and supported at 540 on the downside, both targets and support levels are clearly delineated.
Suven Pharma | Recommendation: Buy | CMP: ₹730 | Target: ₹800 | Stop Loss: ₹700
The stock has recently experienced a breakout from a pennant pattern on the daily chart, indicating an increase in market optimism. Additionally, the price has been consistently maintaining levels above a crucial moving average, signifying a potential shift in the trend direction. The daily RSI exhibits a bullish crossover, further supporting the positive sentiment. With the price approaching 800 on the upside and supported at 700 on the downside, clear price targets and support levels are defined.
Motherson | Recommendation: Buy | CMP: ₹101.70 | Target: ₹110 | Stop Loss: ₹97
The stock has been in a Megaphone pattern on the daily chart. Additionally, the stock has shown an Inverted Head and Shoulder pattern, indicating a potential rally over the short term. The daily RSI is in a bullish crossover. On the higher end, the price has reached 110, and support is positioned at 97.
The author, Rupak De is Senior Technical analyst at LKP Securities.
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.
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Published: 31 Dec 2023, 12:32 PM IST
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