Stock Market Update: Nifty 50 Aims for 25,000, Top 5 Stocks to Buy on Dec 12

Stock Market Update: Nifty 50 Aims for 25,000, Top 5 Stocks to Buy on Dec 12

The domestic stock market is ready for a volatile trading day on Thursday, December 12, 2024, with the Nifty 50 nearing a potential breakout. For the third consecutive session, Nifty 50 and Sensex ended in the positive territory on Wednesday after a losing streak of three days. Nifty moved up 31.75 points to close at 24,641.80 and Sensex rose by 16.09 points to close at 81,526.14.

Nifty Outlook: Levels to Watch

Experts feel that a move above 24,700 would drive Nifty to 25,000. Support is strong at 24,500. Mid-cap and small-cap stocks have continued to do well, with the BSE Midcap and Smallcap indices rising by 0.25% and 0.35%, respectively.

Bank Nifty is close to resistance at 54,000 and has significant support at 52,500. Hence, it is a great "buy-on-dips" opportunity.

Global Market Insights

Despite an uptick in US inflation to 2.7% year-over-year in November, driven by food and hospitality prices, Wall Street remains optimistic. Investors are betting on another Federal Reserve rate cut in the upcoming policy meeting.

Top 5 Stocks to Watch Today

Stock analysts have identified five promising picks for Thursday's session based on strong technical setups:

1. Bank of India (₹115)

Buy: Target ₹122, Stoploss ₹110

Bullish reversal pattern offers an attractive buying opportunity.

2. RCF (₹180)

Buy: Target ₹190, Stoploss ₹175

The stock has a solid support at ₹175 and may move up.

3. MCX (₹6,710)

Buy: Target ₹6,850, Stoploss ₹6,600

The technical indicators are positive, with a rise above the key resistance levels.

4. RailTel Corp (₹451.50)

Buy: Target ₹483, Stoploss ₹436

The stock has broken through significant resistance, and RSI and volume trends support the bullish momentum.

5. HDFC AMC (₹4,543.85)

Buy: Target ₹4,861, Stoploss ₹4,384

Trading near all-time highs and showing evidence of a strong bullish breakout and good interest from investors.

Market Drivers to Observe

Retail Inflation Data in India: It is scheduled after market hours today, with the data shedding light on economy and policy trends.

US Federal Reserve Policy Meeting: Its rate decision next week is going to have a tremendous impact on global sentiment.

Traders need to be alert and keep their risk management very disciplined. Today's market session will surely be an interesting one, given that all the critical support and resistance levels are in focus.