Best Stocks To Buy Today: Apollo Tyre, Sun Pharma Among Top 5 Picks For December 27, 2024
Stocks To Buy Today: Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty could not sustain its opening advance for the third straight day"
Indian share market opened higher on Friday, boosted by gains in financial stocks, with the markets showing moderate upward movement as the year-end approaches. At the time of market opening, the Sensex rose by 244.88 points, or 0.31 per cent, to 78,717.36, while the Nifty gained 68.70 points, or 0.29 per cent, to 23,818.90.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty could not sustain its opening advance for the third straight day, with the market failing to break above the 200-day average as it tested the underside. The last three candles continue to have both long upper and lower shadows with narrow real bodies, which means plenty of indecision is in play. Support sits between 23500 and 23640.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
Apollo Tyre
Apollo Tyre experienced an impulsive move followed by a retracement to the 0.618 Fibonacci level. After this, the stock resumed its upward movement, closing above the 8-day average, indicating that buyers are regaining control. The increase in volume further supports the continuation of the uptrend. The stock is trading above both the Conversion Line and the Base Line, reinforcing the bullish momentum, while its position above the Ichimoku Cloud confirms positive sentiment. The RSI is trending upwards, reflecting strength in the price action. Based on this setup, a long position can be considered as long as the stock remains above Rs 515, with a potential target of Rs 596.
ELECON
ELECON has broken out of a Flag and Pole pattern on the daily timeframe, indicating a bullish continuation. This breakout is accompanied by above-average volumes, reflecting strong buying interest. The price is trading above key EMAs, confirming the uptrend, and the RSI remains in the higher range, supporting the bullish sentiment. Based on this setup, a long position may be initiated as long as the stock stays above Rs 600, with potential targets in the range of Rs 720–Rs 800.
CAMPUS
CAMPUS has broken out of a falling trendline, indicating a potential trend reversal to the upside. The breakout is supported by increased volumes, signaling strong buying interest. The stock is trading above both the 20 EMA (fast-moving average) and the 50 EMA (slow-moving average), confirming the bullish momentum. Additionally, the RSI is trending upward, complementing the positive price movement. Based on this setup, a long position may be considered as long as the stock holds above Rs 275, with an anticipated target range of Rs 350–Rs 400.
Sun Pharma
Sun Pharma has broken out of a 17-day consolidation phase, signalling the start of an uptrend. The price is trading above both the 18 EMA (fast-moving average) and the 50 EMA (slow-moving average), which are trending upward, confirming the bullish outlook. Additionally, the RSI has broken through its resistance level, supporting the positive price action. Based on this setup, a long position can be considered as long as the price holds above Rs 1810, with a target of Rs 1915.
HINDPETRO
HINDPETRO has broken out of an Inverse Head and Shoulders pattern on the daily timeframe, signalling a potential upside trend reversal. The breakout is accompanied by increased volume, reflecting strong buying interest. The price is trading above the 20-day and 50-day EMAs, reinforcing the bullish outlook. The RSI is trending upwards, aligning with the positive price movement. Given this setup, a long position in HINDPETRO may be considered, with a stop-loss at Rs 386 and a target price range of Rs 488–Rs 510.
Disclaimer: Investing in the stock market involves financial risks. Please invest responsibly and only after thorough research and careful consideration. Reader discretion is advised.
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