Stocks to buy: Raja Venkatraman recommends three stocks for today—12 December
Nifty 50 on 11 December: Recap
On Wednesday, 11 December, the market faced significant challenges after nearing the 25,000 mark. Global factors, particularly the aftermath of the US elections, dampened bullish sentiment, triggering a pullback. While broader indices attempted a recovery from lower levels, volatility returned, with supply pressure dragging them down.
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However, Bank Nifty showed greater resilience compared to Nifty, reacting less sharply. The market’s jittery behaviour highlights the fleeting nature of bullish trends as they continue to grapple with persistent uncertainty.
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Nifty’s recent revival around the challenging Fibonacci resistance at 24,840 on the daily chart has forced the bullish camp to reassess its strategy. As the tussle between bulls and bears intensifies, the likelihood of markets turning lower has gained traction. The pullback into the highlighted follow-through area, coupled with trendline support, signals a pivotal phase for Nifty.
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Current trends show some buying interest, suggesting the market may be entering a critical juncture. Support levels have now shifted to approximately 24,600, making it a potential zone for “buy-on-dips” strategies to emerge. Meanwhile, the Put-Call Ratio (PCR) stands at 0.71 for Nifty and 0.88 for Bank Nifty, reflecting a cautious stance among bulls. The market appears to be entering a testing phase, where resilience and strategy will be key.
Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• TITAGARH: Buy at ₹1313, stop ₹1285, target ₹1385
PSU stocks have staged a broad rebound, with railway stocks also showing signs of recovery. The strong upward momentum in the last trading session, following the formation of a double bottom in recent days, bodes well for the market. With trends turning positive, this could present an opportunity for participation.
• CENTRUM: Buy at ₹40.50, stop ₹38, target ₹45
Centrum Capital is a dominant player in cross-border mergers and acquisitions. The recent declines since last six months the prices have found some good support at the Ichimoku clouds the trends have shown some resumption of upward bias. One can consider going long.
• PHOENIX: Buy at ₹1865, stop ₹1820 target ₹1925
Phoenix, a midcap real estate company, has shown a sharp recovery in recent days. Tuesday’s steady acceleration, coupled with a positive crossover, indicates the potential for a sustained upward trend in the coming days. With demand picking up, this stock could be considered for buying opportunities.
Raja Venkatraman is co-founder, NeoTrader.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
