Buy or Sell: Ganesh Dongre recommends three stocks to buy on Monday, December 16

Buy or Sell: Throughout the week, the Nifty index remained in a range-bound zone, oscillating between 24,000 and 25,000 levels. The week started with sideways movement, indicating a lack of significant directional activity.

As the weeks progressed, Benefit Booking took place, due to which the index fell towards the support zone around 24,000 to 24,200. However, this fall was short-lived as Nifty made a sharp comeback, regained strength and moved back towards the resistance zone near 25,000.

Technically, the Nifty index showed fast The pattern of the past week is taking support from the 200-day moving average (DMA) near the 23,000 mark. This formed an inverted head and shoulders pattern, suggesting a target range of 25,200 to 25,300. Holding above the neckline level of 24,200 will support the bullish outlook, these higher targets are still in sight for the market.

bank nifty performance

Similar to Nifty, the Bank Nifty index trades in a relatively narrow range, fluctuating between 53,000 and 54,000 levels. Despite the limited range, Bank Nifty managed to maintain its strength and closed well above the key support level of 53,000, matching last week’s high.

It is important to hold above 53,000 level for continued bullishness motionIf the index manages to stay above this level, it may see further upside and resistance is likely to be seen around 55,000 points in the coming week.

conclusion

Both Nifty and Bank Nifty indices have closed above their respective support zones this week, indicating resilience despite early market volatility. This indicates overall bullish sentiment market,

Investors should closely monitor key support and resistance levels, especially around 24,200 for Nifty and 53,000 for Bank Nifty, as these will be important in determining future price movements.

Stocks worth buying on Monday

1. Bharat Dynamics Limited (BDL): buy at 1,260 | at target price 1,350 | stop loss here 1,180.

2. Hindustan Aeronautics Limited (HAL): buy at 4,669 | at target price 5,000 | stop loss here 4,500.

3. Central Depository Services Limited (CDSL): buy at 1,944 | at target price 2,000 | stop loss here 1,900.

Disclaimer: The views and recommendations given in this analysis are those of the individual analysts or broking companies and not of Mint. We strongly advise investors to consult certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.