Stock Market Today: Trade setup for Nifty 50 for global markets; 5 Stocks to Buy or Sell on Friday – December 20, 2024

Stock Market Today: Markets fell on Thursday following negative global cues. The benchmark Nifty 50 index declined 1.02% to close at 23,951.70 as it slipped below the psychological 24000 mark on broad-based selling after the US Fed’s dovish stance heightened concerns over a rate cut next year. S&P BSE Sensex also fell 1.20% to close at 79,218.05

Nifty Bank fell 1.08% to close at 51,575.70, while IT and Metals were the other major losers. Broader markets showed some resilience, ending with small losses of 0.3% – 0.5%.

trade setup for friday

Ajit Mishra, SVP, Research, Religare Broking Ltd. said the next key support for Nifty lies at the 200-day exponential moving average (DEMA) around 23,700 levels and a break below it could lead to further decline in the index. .

Selling pressure was seen in Bank Nifty index and it remains in sell-on-rise mode with immediate hurdle at 52000. Senior technical and Kunal Shah said, if the index breaks yesterday’s low, it may fall further towards 200dma placed at 50482. Derivative Research Analyst, Mirae Asset Sharekhan

Global markets brace for US Fed rate cut

Nifty opened lower on Thursday led by weak global cues as the US Federal Reserve hinted at a slow pace of rate cuts in 2025. Key economic data including US GDP and Bank of England interest rate decision and minutes of tomorrow’s RBI MPC meeting remain important. For market direction. Overall, we expect Indian markets to remain soft and keep an eye on global cues in this volatile environment, said Siddharth Khemka, Head – Research, Wealth Management. Motilal Oswal Financial Services Ltd.

stocks worth buying today

Sumeet Bagadia, Executive Director, Choice Broking recommends two stock picks for today. Ganesh Dongre, senior manager, technical research, Anand Rathi, suggests three stock ideas.

Buy Sumeet Bagadia’s shares todaythis

1. Coforge Limited – Bagadiya advised to buy Koforge keep stoploss at 9657 target price for 9319 10333

Koforge is currently trading 9657, displays a strong bullish trend characterized by the formation of higher highs and higher lows. The stock has been hitting new all-time highs, confirming a continued uptrend. This positive activity is supported by a significant increase in trading volumes, indicating strong buying interest from investors. If COFORGE manages to hold above the important resistance level 10000, this could present an ideal entry point for a long position with a potential short-term target 10333.

2. BSE Limited – Recommend to buy Bagadiya BSE on limited Place stoploss at 5791.45 For target price of 5589 6197

BSE is currently trading 5791.45, is displaying a strong uptrend as it continues to reverse upward from lower levels, indicating continued bullish momentum. The stock has formed a bullish engulfing candlestick pattern on the daily time frame and is approaching the key resistance level. 5850. A breakout above this level is expected to boost market sentiment, which will benefit buyers. Additionally, BSE is trading comfortably above its 20-day, 50-day, 100-day and 200-day exponential moving averages (EMA), further strengthening the bullish trend.

Buy Ganesh Dongre shares today

3.Emami Limited- Dongre has advised to buy Imami on limited keep stoploss at 600 585, for the target of 620

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock price, which could potentially reach around Rs 620. Currently, the stock is holding important support level at Rs 585. Considering the current market price of Rs 600, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price, expecting a rise towards the set target of Rs. 620.

4. state Bank of India – Dongre recommends buying state Bank of India But Keeping stoploss at 833 820, for a target price of 855

We have seen major support in this stock around Rs. 820 So, at the current juncture, the stock has again seen upside price action at Rs. 833 price level, which may continue its rally till the next resistance level of Rs. 855 Hence traders can buy and hold this stock with a stop loss of Rs 820 for a target price of Rs 855 in the coming weeks.

5. ICICI Bank Ltd. – Dongre recommends buying ICICI Bank But keep stoploss at 1288 Rs 1265 for target price 1320

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock price, possibly around Rs. 680 Currently, the stock is at the important support level at Rs 1265.

Given this scenario, the stock is likely to reach Rs 1320 level in the near future. Traders are advised to consider taking a long position with a strategic stop loss set at Rs 1265 to manage the risk effectively. The target price for this trade is Rs 1320.

Disclaimer: The views and recommendations given 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 decision.