Stock Market today: The last trading session of 2024 ended on a flat note on Tuesday, with the benchmark Nifty -50 index closing at 23,644.80. The Sensex ended at 78,139.01 with a marginal decline of 0.14%. Bank Nifty ended the day with slight losses of 0.18% to end at 50,860.20 while other sectoral indices showed a mixed trend with energy and pharma seeing gains, and IT and realty ending lower. In the broader indices while mid caps ended flat, small caps recovered half a per cent.
Nifty failed to surpass the previous session’s high of 23,689.95 on Tuesday and found resistance at its 5-Day EMA turning downward. Immediate resistance is seen at 23,870 while Support for the Index is seen at 23,537, said Devarsh Vakil - Deputy Head Retail Research, HDFC Securities
Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout on either direction determining its future direction, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd
Looking ahead, 2025 could unfold as a tale of two halves. The first half may see continued market consolidation, influenced by key events such as the Union Budget, the start of the RBI's interest rate-cut cycle, and global policy shifts following Donald Trump's inauguration as U.S. President in January 2025. However, a recovery is expected in the second half, driven by increased government spending and improvement in corporate earnings. The pre-quarterly business updates to be released in the first week of January will provide insights into the upcoming results season and would be keenly tracked by investors, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
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 stocks.
These include Radico Khaitan Ltd , Pearl Global Industries Limited, Zomato Ltd, HCL Technologies Ltd and Bharat Dynamics Ltd
1.Radico Khaitan Ltd- Bagadia recommends buying Radico Khaitan at ₹2,605.9, keeping a stoploss at ₹2,500 for a target of ₹2,777
Radico showcases a strong bullish momentum, evident from a notable uptrend from the support levels around ₹2.480, in close proximity to its 20-Day Exponential Moving Average (EMA), a substantial upward movement and a significant closing around ₹2.605.9. 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. Pearl Global Industries Limited- Bagadia recommends buying Pearl Global at ₹1,480.95, with a stoploss at ₹1,425 for a target price of ₹1,580.
Pearl Global's daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a significantly higher-high and higher-low pattern. 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.
1. Zomato Ltd- Dongre recommend buying Zomato Ltd at ₹278 with a stop loss at ₹270 and a target price of ₹295.
In the recent short-term trend analysis, 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 ₹295. The stock is maintaining a crucial support level at Rs. 270. Given the current market price of Rs.278, 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.295.
2. HCL Technologies Ltd - Dongre recommends buying HCL Technologies Ltd at ₹1,918 with a stoploss at ₹1,890 and a target price of ₹1,965.
In the recent short-term trend analysis, 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.1,965. The stock is maintaining a crucial support level at Rs.1,890. Given the current market price of Rs.1,918, 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.1965
5. Bharat Dynamics Ltd- Dongre recommends buying Bharat Dynamics at ₹1,122 with a stoploss at ₹1,090 for a target price of ₹1,170.
A notable bullish reversal pattern has emerged in the recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs. 1,170. The stock is currently maintaining a crucial support level at Rs.1,090. Given the current market price of Rs.1,123.50, 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. 1,170.
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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