Stock Market Update and Trading Ideas
Market Overview
The stock market took a breather on December 6 after a five-day winning streak, as investors booked profits following the RBI event. Despite this, the market breadth remained positive, with more shares advancing than declining on the NSE. The market may trade in a range over the next few sessions, but the overall trend is still bullish.
Trading Ideas
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One
Castrol India | CMP: Rs 222.37 Castrol India has corrected from its peak and is now showing signs of an upward trend. The stock has crossed important moving averages and shows bullish indicators. It is recommended to buy Castrol India around Rs 220-215. Strategy: Buy Target: Rs 248, Rs 250 Stop-Loss: Rs 200 Jindal Stainless | CMP: Rs 741.6 Jindal Stainless has shown a strong uptrend and is expected to continue moving higher. It is recommended to buy Jindal Stainless around Rs 740-735. Strategy: Buy Target: Rs 790 Stop-Loss: Rs 710 Punjab National Bank | CMP: Rs 111.1 PNB has shown signs of a turnaround and is expected to move higher. It is recommended to buy PNB around Rs 108-106. Strategy: Buy Target: Rs 118-122 Stop-Loss: Rs 100
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
Indian Railway Finance Corporation | CMP: Rs 158 IRFC has shown a breakout and is expected to reverse its trend. It is recommended to buy IRFC with a target of Rs 170–185. Strategy: Buy Target: Rs 170, Rs 185 Stop-Loss: Rs 150 Zomato | CMP: Rs 303 Zomato has broken out of a pattern and is expected to move higher. It is recommended to buy Zomato with a target of Rs 337–355. Strategy: Buy Target: Rs 337, Rs 355 Stop-Loss: Rs 288
Anshul Jain, Head Of Research at Lakshmishree Investments & Securities
ASK Automotive | CMP: Rs 464.65 ASK Automotive is showing signs of a bullish breakout and is expected to rise. It is recommended to buy ASK Automotive with a target of Rs 600. Strategy: Buy Target: Rs 600 Stop-Loss: Rs 420 EMS | CMP: Rs 893.6 EMS has a strong technical setup and is expected to move higher. It is recommended to buy EMS with a target of Rs 1,050. Strategy: Buy Target: Rs 1,050 Stop-Loss: Rs 840 Ramco Cements | CMP: Rs 1,013 Ramco Cements is showing a bullish setup and is expected to rally. It is recommended to buy Ramco Cements with a target of Rs 1,400. Strategy: Buy Target: Rs 1,400 Stop-Loss: Rs 950
Stay tuned for more updates and insights on the stock market! For more insights on investing in the Indian stock market, check out resources like Moneycontrol and NSE India.
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