As the Indian stock market navigates through a cautious phase, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, has identified three stocks that investors should consider buying on December 31, 2024.
Current Market Overview
The Nifty 50 index has faced challenges recently, closing down 0.71% at 23,644.90 points on December 30. This decline followed a two-day winning streak and was primarily driven by weak performances from heavyweight banking stocks like HDFC Bank and ICICI Bank amid unfavorable global cues. The BSE Sensex also experienced a drop of 0.57%, finishing at 78,248.13 points.Vaishali Parekh notes that the Nifty index is currently trading within a narrow range between 23,600 and 23,850. For a bullish trend to emerge, a decisive breach above the 23,850 level is essential. Conversely, immediate support is seen at 23,500, with crucial support at 23,250.
Recommended Stocks to Buy
1. Macrotech Developers Ltd. (LODHA)
- Buy Price: ₹1,427
- Target Price: ₹1,550
- Stop Loss: ₹1,390
Macrotech Developers is a prominent player in the real estate sector, focusing on residential and commercial projects. With increasing demand for housing and urban development initiatives, this stock is positioned for potential growth.
2. Life Insurance Corporation of India Ltd. (LICI)
- Buy Price: ₹915
- Target Price: ₹960
- Stop Loss: ₹880
LIC is one of India’s largest insurance providers and continues to benefit from the growing insurance penetration in the country. Its strong fundamentals and market presence make it an attractive investment option.
3. Hindustan Unilever Ltd. (HINDUNILVR)
- Buy Price: ₹2,344
- Target Price: ₹2,400
- Stop Loss: ₹2,210
Hindustan Unilever is a leading consumer goods company with a diverse portfolio of products ranging from food and beverages to personal care items. Its robust distribution network and brand strength position it well for continued success.
Expert Insights
Vaishali Parekh emphasizes that while the market sentiment remains cautious due to recent volatility, these stocks exhibit strong technical indicators that suggest potential for upward movement. Investors are advised to maintain a stock-specific approach and avoid taking large positions until clearer trends emerge in the broader market.
Conclusion
With significant support levels identified and promising stocks recommended by Vaishali Parekh, investors have opportunities to capitalize on potential gains as the year comes to an end. As always, it’s crucial for traders to conduct thorough research and consider their risk tolerance before making investment decisions.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions as market conditions can change rapidly.
