As the Indian stock market faces volatility, Sumeet Bagadia, Executive Director at Choice Broking, has identified three stocks that investors should consider buying on Monday, December 23, 2024. With the Nifty 50 index slipping below critical support levels, these recommendations come at a crucial time for market participants.
Current Market Overview
The Indian stock market has recently experienced significant fluctuations. The Nifty 50 index dropped from 23,768 to 23,587, marking a weekly loss of 1,181 points. Similarly, the BSE Sensex fell dramatically from 82,133 to 78,041, losing over 4,000 points in just one week. This downturn has raised concerns among investors as the market sentiment shifts towards caution.Bagadia notes that the overall bias of the Indian stock market has weakened due to external factors such as the hawkish stance of the US Federal Reserve on interest rates and selling pressure from foreign institutional investors (FIIs). The Nifty is now approaching its recent swing low of 23,250, and a breach below this level could signal further declines.
Recommended Stocks to Buy
Despite the bearish market conditions, Sumeet Bagadia recommends the following three stocks for potential gains:
1. Titan Company
- Buy Price: ₹3,356.25
- Target Price: ₹3,555
- Stop Loss: ₹3,222
Titan Company’s share price shows signs of recovery after a decline. Currently trading around ₹3,356.25, it has rebounded from support levels near ₹3,200. If Titan can close above its major moving averages (20-day EMA and 50-day EMA), it may indicate a reversal in trend.
2. Petronet LNG
- Buy Price: ₹336.45
- Target Price: ₹355
- Stop Loss: ₹323
Petronet LNG is currently trading at ₹336.45 and has recently bounced back from its support level near ₹320. The stock’s ability to maintain stability at these levels suggests a potential upward movement towards the target of ₹355 if it breaks through immediate resistance at ₹340.
3. Dr Reddy’s Laboratories
- Buy Price: ₹1,343.65
- Target Price: ₹1,425
- Stop Loss: ₹1,295
Dr Reddy’s Laboratories is showing positive momentum and is currently trading at ₹1,343.65. The stock is positioned above its key moving averages and is poised for a breakout above resistance levels around ₹1,370. A successful move past this point could lead to a rally towards the target price of ₹1,425.
Conclusion
As investors navigate through a challenging market environment characterized by volatility and uncertainty, Sumeet Bagadia’s recommendations for Titan Company, Petronet LNG, and Dr Reddy’s Laboratories provide actionable insights for potential investment opportunities. Investors are advised to exercise caution and consider their risk tolerance before making any decisions.
Disclaimer
The views and recommendations provided in this article are based on individual analysts’ opinions and do not constitute financial advice. Investors should conduct their own research or consult with certified financial advisors before making investment decisions.
