Best Stocks To Buy Today: CERA, Apollo Micro Systems Among Top 5 Picks For December 31, 2024
At the time of market opening, the Sensex fell by 359.06 points, or 0.46 per cent, to 77,889.07, while the Nifty declined by 93.00 points, or 0.39 per cent, to 23,551.90
The final trading session of 2024 started on a weak note, with the benchmark indices Nifty and Sensex extending their losses for a second consecutive day on Tuesday. The decline was primarily driven by sharp drops in IT and realty stocks. Experts attribute the sluggish performance to ongoing foreign institutional investor (FII) selling, which has persisted despite the typically quiet holiday trading period.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “December has been weak for equity markets globally. S&P 500 is down by 2.34 per cent and Nifty is down by 2.6 per cent. Markets are preparing to move into the New Year with caution since uncertainty is high and valuations are stretched.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
COCHINSHIP
After an impulsive rally, COCHINSHIP retraced to the 0.382 Fibonacci level before resuming its upward movement, closing above the 8-day moving average. This suggests that buyers are regaining control of the market. The increasing volume supports the likelihood of continued upward momentum. Additionally, the price is trading above both the Conversion Line and Base Line, confirming sustained bullish sentiment. The rising RSI further reinforces strong price action. Based on this technical setup, a long position can be considered as long as the stock remains above Rs 1,440, with an upside target of Rs 1,860.
CERA
Following a similar impulsive move, CERA retraced to the 0.382 Fibonacci level before resuming its upward momentum, closing above the 8-day moving average. This indicates that buyers are regaining control of the market. The rising volume further strengthens the case for continued upward movement. Moreover, the price trading above both the Conversion Line and Base Line signals sustained bullish momentum, while the upward trend in the RSI reflects robust price action. A long position can be considered as long as the stock holds above Rs 7,120, with a potential upside target of Rs 8,775.
INOXGREEN
After an impulsive rally, INOXGREEN retraced to the 0.618 Fibonacci level before resuming its upward trajectory, closing above the 8-day moving average. This suggests that buyers are regaining dominance over sellers. The increasing volume further supports the likelihood of an uptrend continuation. Additionally, the price is trading above both the Conversion Line and the Base Line, indicating persistent bullish momentum. The upward-trending RSI reflects strength in the price action. A long position can be considered as long as the stock stays above Rs 158, with a potential upside target of Rs 205.
IRFC
IRFC is showing a higher high and higher low pattern, confirming the continuation of its uptrend. In the previous session, the stock rebounded from the 0.236 Fibonacci retracement level, a pattern that is repeating in the current phase. The price is trading above the Ichimoku Cloud, indicating sustained bullish momentum. Additionally, the upward movement of the RSI supports the positive price action. Based on this analysis, a long position in IRFC can be considered, with a stop-loss at Rs 144 and an upside target range of Rs 176–Rs 200.
Apollo Micro Systems
Apollo Micro Systems Ltd has closed above a falling trendline on the daily chart, signalling a breakout to the upside. A steady rise in volume reflects strong buying interest. The price is trading above both the Fast (50 EMA) and Slow (200 EMA) moving averages, confirming the uptrend. The RSI is positioned in the higher zone, indicating bullish momentum.
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