The Sensex and the Nifty retraced from their intra-day record peaks, finishing the session with modest gains on December 19. The Nifty achieved an intra-day high of 21,505, while Sensex reached 71,624. Ultimately, the BSE Sensex saw an uptick of 122 points, closing at 71,437, and the Nifty gained 34 points, settling at 21,453. NiftyBank recorded a slight increase of 3 points, ending at 47,871, whereas the Midcap index experienced a decline of 173 points, concluding at 45,512.
The Nifty is consolidating near the psychological level of 21,500; above this, we can expect a move towards 21,700, while the possibility of 22,000 can't be ruled out in the near term. On the downside, 21,300 is acting as an immediate support level, while 21,000 will be a crucial support level at any pullback.
Bank Nifty is also consolidating near 48,000, where 48,000–48,200 is acting as a minor resistance zone. Above this, we can expect a move towards the 48,500 and 48,800 levels. On the downside, 47,500 is an immediate support level, while 47,000–46,800 is a key demand zone.
Here are three buy calls for short term:
Man Infraconstruction: Buy | LTP: Rs 210 | Stop-Loss: Rs 193 | Target: Rs 234 | Return: 11 percent
On the daily chart, the counter has witnessed a breakout of a long consolidation formation with strong volume, while on the weekly chart, it has broken a Flag formation pattern. The counter has a classic structure because it is trading above all of its significant moving averages.
While the moving average convergence and divergence (MACD) indicator is experiencing an upward centerline crossover, the relative strength index (RSI), a momentum indicator, is positively poised.
On the upper side, Rs 220 is an immediate resistance; above this, we can expect a big move till Rs 230+ in the shorter time frame, while on the downside, Rs 193 is the demand zone for any correction.
Ramky Infrastructure: Buy | LTP: Rs 803 | Stop-Loss: Rs 740 | Target: Rs 900 | Return: 12 percent
A breakout from a triangular formation on the daily chart has occurred, accompanied by significant volume, reinforcing the bullish signal and suggesting a potential continuation of the upward trend. The stock retraced to test its breakout level at approximately Rs 710 before embarking on a new rally toward Rs 900. The overall chart structure is promising, with the stock trading above key moving averages.
Both the RSI and MACD indicators support the current momentum strength.
Looking ahead, the Rs 850 level holds psychological importance, and a breach could pave the way for further gains towards Rs 900 and beyond. On the downside, a robust demand zone is established around Rs 740, marked by a cluster of moving averages, providing support during any corrective moves.
Astra Microwave Products: Buy | LTP: Rs 622 | Stop-Loss: Rs 580 | Target: Rs 694 | Return: 12 percent
The counter has seen a long consolidation channel breakout on the long time frame and a Flag breakout on the daily chart with massive volume, which appears structure-profitable.
The structure of the counter looks lucrative in the longer time frame, and it is also trading above all its important moving averages.
Most of the momentum indicators are positively poised and support the breakout move in this counter. On the upside, if Rs 650 is an immediate hurdle, then we can expect a move towards Rs 690+. On the downside, Rs 580 will act as a strong demand zone.
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