The stock market is going to be an action-packed trading day on Friday, December 13, 2024, as the Nifty 50 consolidates at crucial levels. The bears took over after Thursday's correction, and the bulls are waiting for a bounce. Here are five stocks, Zomato, TTML, Hindustan Aeronautics Ltd (HAL), Firstsource Solutions (FSL), and E.I.D-Parry (India) Ltd, which have been highlighted by analysts for trade today.
Market Recap: Thursday's Performance
Domestic markets closed lower on Thursday as heavyweights like Reliance Industries, L&T, and HUL succumbed to selling pressure. The Sensex fell 236.18 points or 0.29% to close at 81,289.96, while the Nifty 50 declined 0.38% to settle at 24,548.
Sectoral Snapshots
IT stocks saw a fourth consecutive rally. The Nifty IT index crossed the 46,000 mark for the first time and touched a record high of 46,002.
Other sectoral indices closed in the red, snapping a 14-day winning streak for mid-cap and small-cap stocks.
Economic Highlights
India's retail inflation cooled to a three-month low of 5.48% in November, down from 6.21% in October. Falling vegetable prices and improved factory output at 3.5% boosted optimism for a possible interest rate cut by the RBI in February.
Meanwhile, Wall Street ended in the red as investors gauged mixed economic data in the wake of next week's Federal Reserve policy meet.
Trade Setup for Friday: Nifty and Bank Nifty Levels
Nifty 50: The index is in a consolidation mode. It is holding at 24,470 and has resistance between 24,650 and 24,700. A sharp fall below 24,470 can lead to deeper correction, while a sustained movement above 24,650 may result in a recovery.
Bank Nifty: The doji candle on the daily chart shows indecision. The index is expected to consolidate between 52,500 and 54,000. Traders are advised to adopt a "buy-near-support, sell-near-resistance" strategy.
Top 5 Stocks to Watch Today
1. Tata Teleservices Maharashtra Ltd (TTML)
Buy at ₹85 | Target: ₹92 | Stoploss: ₹80
The key support at ₹80 is strong, with a bullish reversal pattern, showing potential for upward movement.
2. Zomato
Buy at ₹284 | Target: ₹295 | Stoploss: ₹278
A bullish trend supported by strong support at ₹278 presents a good short-term opportunity.
3. Hindustan Aeronautics Ltd (HAL)
Buy at ₹4,650 | Target: ₹4,850 | Stoploss: ₹4,550
A breakout above ₹4,650 with a rising RSI suggests strong momentum for further gains.
4. Firstsource Solutions (FSL)
Buy at ₹383.7 | Target: ₹405 | Stoploss: ₹370
This stock is one of the best for gains due to a rising channel pattern and all-time high breakout.
5. E.I.D-Parry (India) Ltd
Buy at ₹941.75 | Target: ₹995 | Stoploss: ₹910
Trading above key moving averages, the stock is bullish with immediate resistance at ₹950.
Global Market Trends
US Markets: The Dow Jones, S&P 500, and Nasdaq ended lower on Thursday as investors continued to process producer price data for November that came in higher than expected.
US Federal Reserve: Expectations for a 25-basis-point rate cut are strong ahead of the December 17-18 meeting.
Key Takeaways for Traders.
Critical Levels to Watch: Nifty and Bank Nifty remain range-bound. A decisive break above resistance or below support levels will be the cue.
Sector Focus: IT stocks are leading the market momentum, and other sectors are likely to face short-term headwinds.
Stock Picks: Five stocks picked for today have high-reward setups, but there is a need for risk management.
Market-moving data and news updates will unfold in the trading session today!
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