Best Stocks To Buy Today: CANTABIL, VAKRANGEE Among Top 5 Picks For December 20, 2024
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Pharmaceuticals have been resilient despite market weakness. This trend can sustain"
Despite mixed global cues, Indian indices opened lower on Friday. At the time of opening, the Sensex dropped by 204.20 points, or 0.26 per cent, to settle at 79,013.85, while the Nifty slipped by 0.22 per cent, reaching 23,899.30. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Pharmaceuticals have been resilient despite market weakness. This trend can sustain. IT is likely to be strong in the near term, buoyed by the positive Accenture results and guidance. Gen AI is becoming a profit pool for IT companies. The negative response to the Fed’s commentary yesterday will be temporary. Recovery led by large caps is possible in the near-term.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
CANTABIL
CANTABIL has broken out of a rounding pattern, indicating the potential for an uptrend. The rising volume indicates strong buyer interest. The stock is currently trading above the 50 EMA (fast-moving average) and the 100 EMA (slow-moving average), confirming the bullish momentum. Additionally, the RSI is trending upward, further supporting the positive price action. A long position can be considered, with a stop-loss at 255.
PUNJABCHEM
PUNJABCHEM has broken out of a falling parallel channel, suggesting a possible trend reversal to the upside. The breakout is supported by increased volume, indicating strong buying interest. The stock is trading above the 20 EMA (fast-moving average) and the 50 EMA (slow-moving average), confirming bullish momentum. The upward trend in the RSI further supports the positive outlook. A long position can be considered if the stock stays above 1,027, with an expected target range of 1,330 to 1,450.
IOLCP
IOLCP has broken out of an Inverse Head and Shoulders pattern on the daily timeframe, signalling a potential trend reversal to the upside. This breakout is accompanied by a rise in volume, showing strong buyer interest. The stock is trading above both the 20 and 50 EMAs, validating the bullish trend. The RSI is rising, confirming the positive price action. A long position can be considered, with a stop-loss at 377 and an anticipated target range of 535–610.
VAKRANGEE
VAKRANGEE has successfully sustained above its resistance level, forming a runaway gap with above-average volumes, indicating strong buyer interest. The stock is trading above its key EMAs, signalling a bullish trend. The upward movement of the RSI supports the positive price action. As long as the stock holds above 28, it seems poised to move higher towards 40.
AVALON
AVALON has found support at the 0.618 Fibonacci retracement level and resumed its upward movement. The declining volume during the sell-off suggests a retracement, while the increasing volume on buying days shows strong buyer interest. The stock is trading above the Ichimoku Cloud, further confirming the uptrend. The RSI has started moving upward after a brief cooldown, supporting the positive price action. A long position can be considered as long as the stock stays above the 870 level.
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