Recap: Nifty 50 on December 4
Nifty recovered from its shock in November and has risen sharply ahead of the RBI policy meeting. It maintained its bullish trend by recovering sharply at the end of each day after a sharp selloff at higher levels. This change has come amid election results and mixed figures for the second quarter. The possibility of a move above 24,500 has kept the rally alive.
the way forward
Bears have been forced to reconsider as Nifty cleared the previous resistance level on the daily chart. Even as both groups fight for dominance, the chances of the market bottoming out appear to be diminishing. A return to trendline support levels around Rs 24,250-24,300 would be a good time to initiate long positions. Overall, the market continues to offer buying opportunities on dips amid profit booking.
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Three stocks recommended by NeoTrader’s Raja Venkataraman:
, Tajjeevk: buy at 364, wait 350, target 398
This counter is seeing consistent buying around 300 and there was some strong buying yesterday. The stock price has had a strong tailwind after facing some resistance around 350.
, CDSL: buy at 1,718, wait 1,675, target 1,795
Leading finance company CDSL is performing brilliantly in the stock market. after some consolidation around 1,400-1,600, the stock broke on Friday showing fresh momentum. A strong pullback from Ichimoku support invites some fresh buying.
, Paytm: buy at 940, stop 900 goals 1,015
The financial services sector is once again attracting attention, and this counter has outperformed the broader sector over the past few weeks. There was some consolidation at the beginning of the month before the stock surged with support at TS and KS levels.
Also read: SEBI regulations may have partly fueled the recent FPI selloff
Raja Venkatraman is the co-founder of NeoTrader.
Disclaimer: The views and recommendations given in this article are those of the individual analysts. These do not represent the views of the Mint. We recommend investors to check with certified experts before taking any investment decision.
