Stocks to buy or sell: Osho Krishan of Angel One suggests buying Dalmia Bharat, Texmaco Rail today – 12 December 2024 | Stock Market News

Stock Market News: The domestic benchmark indices, Sensex and Nifty 50, opened slightly lower as the market continues to consolidate; however, with today’s expiry date, some volatility may be expected.

The Nifty 50 index began at 24,604.45 points, down by 37.35 points or 0.15%, while the Sensex index opened at 81,476.76 points, reflecting a decrease of 49 points or 0.06%. Analysts pointed out that due to the expiry of the futures and options segment today, the Indian markets might experience some fluctuations, but the overall consolidation persists. With the US CPI inflation figures coming in as anticipated, the likelihood of a Fed rate cut remains almost certain.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, indicated that the market’s phase of range-bound consolidation is likely to persist. In India, the CPI figures for November, which are set to be released today, will be closely monitored. Today’s market activity is expected to be predominantly focused on individual stocks, with minimal fluctuations at the index level. Although the US CPI inflation for November is reported at 2.7%, slightly higher than October’s figures, this was anticipated, and thus the outlook for a 25 basis point rate cut by the Fed remains unchanged.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

The key indices have displayed relatively modest movements over the past four trading sessions, with a narrower range of fluctuations. The hourly intraday charts indicate that prices are tightly coiled, suggesting the potential for a breakout that could generate strong momentum. As we approach the weekly expiry, 24500 stands as an important support level; maintaining this level could help stabilize the market, while a breach may prompt a further decline. Monitoring these levels will be crucial for navigating the upcoming trading days.

The 50 percent Fibonacci retracement present around the 24750–24800 zone offers an important resistance level that we need to monitor closely. A successful breakout above this range has the potential to propel prices toward 25000 or even higher. It is worth noting that periods of low volatility often lead to heightened market activity. As we observed last Thursday, a decisive move beyond these levels could create positive momentum for future price movements.

Traders are encouraged to closely observe these key levels and adapt their strategies accordingly. Meanwhile, the Small Cap 100 Index has achieved a new high, reflecting a positive trend in activity beyond the major indices. While some of the more straightforward opportunities may have already been exploited, this presents an excellent chance for traders to be discerning and focus on promising, selective opportunities that could yield better returns.

Stocks To Buy on Thursday – Osho Krishan

On stocks to buy on Thursday, Osho Krishan recommended two stocks – Dalmia Bharat Ltd, and Texmaco Rail & Engineering Ltd.

Dalmia Bharat Ltd

Dalmia Bharat has seen a strong resurgence from the lows of the 1680 subzones in the last couple of trading weeks and has negated the formation of lower lows on the daily time frame. Additionally, the counter has emerged above the 200-day SMA and is on the verge of a multi-week breakout, signaling a strong trend reversal. Also, the recent move has been backed by decent volumes and construes a ‘Flag’ pattern breakout, indicating a strong upward move in the comparable period.

Hence, we recommend to BUY Dalmia Bharat around ₹1,950-1,940, keeping a stop loss of ₹1,860 for a potential Target of ₹2,100-2,140

Texmaco Rail & Engineering Ltd

Texmaco Rail has witnessed a strong spurt in price and volumes from the cluster of its significant EMAs on the daily chart. This action has led to a ‘Double Bottom’ breakout that has been backed by a notable increase in average traded volumes, construing a bullish setup. Also, the 21 DEMA, showcased a positive crossover to medium and long term EMAs, adding to the bullish quotient in the counter.

Hence, we recommend to BUY Texmaco Rail around ₹225, keeping a stop loss of ₹210 for a potential Target of ₹250-255.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.