Home / Markets / Stock Markets /  Buy or Sell: These stocks are intraday picks on 7 Dec
Back

Buy or Sell: These stocks are intraday picks on 7 Dec

The central bank will present December 2022 monetary policy later today which will play a major role in swaying sentiments in domestic equities.  (iStock)Premium
The central bank will present December 2022 monetary policy later today which will play a major role in swaying sentiments in domestic equities. (iStock)

  • On Tuesday, markets ended in the red with Sensex falling for the third consecutive day. The rupee weakened to over a one-month low as forward premiums nosedived to their lowest since 2010. Foreign investors were also net sellers.

Markets have broadly performed on a cautious note so far this week ahead of RBI's policy. However, the wait is finally over as the central bank will present December 2022 monetary policy later today which will play a major role in swaying sentiments in domestic equities. That being said, experts have given their intraday picks for December 7. Yesterday, markets ended in the red with Sensex falling for the third consecutive day. The rupee weakened to over a one-month low as forward premiums nosedived to their lowest since 2010. Foreign investors were also net sellers.

On December 6th, the Sensex plunged by 208.24 points or 0.33% to settle at 62,626.36. While Nifty 50 tumbled by 58.30 points or 0.31% to close at 18,642.75. The performance was dragged by IT and metal stocks as they witnessed a steep selloff, while a notable pullback was also seen in banking, consumer durables, and healthcare stocks. In the broader basket, midcap stocks witnessed a sharp profit booking after their previous week's star performance. India's volatility index rose over 2%.

FIIs sold 635.35 crore in the equities market on Tuesday.

At the interbank forex market, the rupee closed at a 1-month low of 82.6150 against the US dollar compared to their previous day's print of $81.79 per dollar. The USD/INR 1-year forward premiums dropped to 1.64% -- which is their lowest level since 2010, while their year-to-date drop is around 300 basis points.

RBI has hiked the repo rate by at least 190 basis points since May for the current fiscal. Currently, the repo rate is at 5.90%. Expectations of 25-35 basis points are on the table instead of a fourth 50 basis points hike in the December policy.

Also, the World Bank revised India's GDP growth forecast upward to 6.9% for 2022-23 (from 6.5% made in October 2022), saying the economy was showing higher resilience to global shocks. On the other hand, Fitch now expects world GDP to grow by 1.4% in 2023, revised down from 1.7% in September 2022.

Deepak Jasani, Head of Retail Research, HDFC Securities said, "Nifty could fall some more towards the 18442-18535 band in this move in the near term. On up moves, 18696 could offer resistance."

Here are the intraday picks for December 7:

Reliance Securities:

TVS Motor: BUY

For today’s trade, a long position can be initiated in the range of Rs1,026- 1,020 for the target of Rs1,064 with a strict stop loss of Rs1,004

Alkem Laboratories: Sell

For today’s trade, a short position can be initiated in the range of Rs3,104- 3,122 for the target of Rs3,030 with a strict stop loss of Rs3,147.

Oberoi Realty: Sell

For today’s trade, a short position can be initiated in the range of Rs947- 953 for the target of Rs922 with a strict stop loss of Rs963.

Manoj Dalmia, Founder, and Director, Proficient Equities:

Ultratech Cement: Buy at Rs7297 with a stop loss of Rs7276 for a target price of 7344

Bank of Baroda: Buy at 176.35 with a stop loss of 175.25 for a target price of 178.45

Dr. Ravi Singh, Vice President and Head of Research, Share India

Petronet LNG: Buy at 214 for a target price of 222 with a stop loss of 211

Ambuja Cement: Buy at 585 for a target price of 595 with a stop loss of 582

 

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.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout