Stocks to Watch: 6 Stocks to Buy on 16 Dec, ICICI Bank, Power Grid, RIL, Indian Hotels, KPR Mill, and Laurus Labs

As the Indian stock market opens today, market experts Nooresh Merani and Kunal Bothra have identified six stocks that are poised for potential gains in intraday trading. These recommendations are based on technical analysis and current market trends. Here’s a detailed look at the stocks to consider.

Recommended Stocks

1. ICICI Bank
   • Current Market Price (CMP): ₹1,345.45
   • Target Price: ₹1,400
   • Stop Loss: ₹1,324
   • Analysis: ICICI Bank shares are showing a favorable chart structure, indicating a possible upside of up to 5% today. Analysts suggest that the stock is attractive at its current price levels.
2. Power Grid Corporation of India
   • CMP: ₹334.10
   • Target Price: ₹350
   • Stop Loss: ₹328
   • Analysis: Power Grid is recommended for short-term trading with an expected upside of around 5%. The stock’s performance is being closely monitored by traders due to its stability in the energy sector.
3. KPR Mill
   • CMP: ₹1,084.35
   • Target Price: ₹1,200
   • Stop Loss: ₹1,040
   • Analysis: KPR Mill, known for its yarn production, has been highlighted for its potential growth today. The recommendation comes as part of a broader bullish sentiment in textile stocks.
4. Reliance Industries Limited (RIL)
   • CMP: ₹1,274.45
   • Target Price: ₹1,300
   • Stop Loss: ₹1,250
   • Analysis: RIL continues to be a favorite among traders due to its diversified business model and recent positive market movements.
5. Indian Hotels Company Limited
   • CMP: ₹854.90
   • Target Price: ₹880
   • Stop Loss: ₹840
   • Analysis: With the hospitality sector recovering post-pandemic, Indian Hotels is positioned well for intraday trading gains.
6. Laurus Labs
   • CMP: ₹572.50
   • Target Price: ₹600
   • Stop Loss: ₹555
   • Analysis: Laurus Labs is gaining attention in the pharmaceutical sector, with analysts predicting a positive movement based on recent performance metrics.

Nifty 50 and Sensex Overview

The benchmark indices have shown resilience in recent sessions:

• Nifty 50
  • Closed at 24,768.30, up by 219.60 points (0.89%).
  • The index is currently about 1,509 points away from its record high of 26,277.35.
  • Immediate resistance is seen around the 24,850 mark, while a decisive breakout could push it toward the psychological level of 25,000.
• BSE Sensex
  • Ended at 82,133.12, gaining 843.16 points (1.04%).
  • The index has rebounded sharply from recent lows and continues to attract buying interest across various sectors.

Trade Setup for December 16

Today’s trading session is expected to be influenced by mixed global cues as investors await key economic data releases:

• GIFT Nifty futures were trading lower by approximately 50 points early this morning.
• Traders should keep an eye on upcoming data releases including the HSBC India Composite PMI and November’s Wholesale Price Index.
• The market sentiment remains cautious ahead of the US Federal Reserve’s policy rate decision later this week.

Sector Performance

In the previous trading session:

• The Nifty FMCG sector led gains with an increase of up to 1.29%.
• Other sectors like IT and Consumer Durables also showed positive momentum.
• Conversely, sectors such as Metal and Pharma faced some selling pressure.

Disclaimer

Investing in stocks involves risks, and it is essential to conduct thorough research or consult with a financial advisor before making any investment decisions. The recommendations provided here are based on expert analysis and current market conditions but do not guarantee profits.