On December 5, 19 Nifty stocks achieved either record highs or scaled their 52-week peaks. The Sensex saw a rise of 431 points, reaching 69,296, and the Nifty gained 168 points, closing at 20,855. The Nifty Bank registered an increase of 581 points, reaching 47,012, and the Nifty Midcap index experienced a gain of 204 points, closing at 44,123.
The Nifty is maintaining a robust bullish momentum, spurred by a breakaway gap, with 21,000 identified as a psychological target and the next milestone set at 21,500. To the downside, 20,700 serves as an immediate support level, while 20,500 remains a pivotal support level.
In the realm of Bank Nifty, a significant breakthrough has been achieved by surpassing the threshold at 46,300. The immediate target zone is now set at 47,500–47,700. The recently surpassed level of 46,300 is poised to transform into a formidable support level.
Here are three buy calls for short term:
JK Paper: Buy | LTP: Rs 394 | Stop-Loss: Rs 375 | Target: Rs 440 | Return: 12 percent
The counter is exhibiting a rebound from the convergence of moving averages, indicating a potential formation of a bullish cup and handle pattern on the daily time frame. The immediate hurdle is identified in the range of Rs 410–415, and a successful breach above this level suggests a potential move towards Rs 440 mark.
Establishing a foothold, the 50-day moving average (DMA) at Rs 380 acts as immediate support, while the 200-DMA, positioned around Rs 370, holds significance as a critical support level.
Vedant Fashions: Buy | LTP: Rs 1,432 | Stop-Loss: Rs 1,350 | Target: Rs 1,600 | Return: 12 percent
The counter is in a classical uptrend where it has broken a symmetrical triangle formation on the longer time frame after building a strong base at its 200-DMA. On an immediate basis, Rs 1450 is the horizontal resistance line; above this, we can expect a rally towards Rs 1600 levels.
On the downside, Rs 1350 is an immediate and strong support. Momentum indicators are positively poised to support the current strength of the trend.
Indian Hume Pipe Company: Buy | LTP: Rs 275 | Stop-Loss: Rs 245 | Target: Rs 314 | Return: 14 percent
The counter has witnessed a breakdown of an Inverse Head and Shoulder pattern formation on the daily chart, and the structure also looks lucrative as it trades above its important moving averages.
On the upside, Rs 300 is an immediate resistance area; above this, we can expect a run-up towards Rs 314 levels in the near term.
On the downside, Rs 245 is an immediate and strong support. Momentum indicators are positively poised to support the current strength of the trend.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
