Best Stocks To Buy Today: LTI Mindtree & NAM India Among Top 5 Picks For December 11, 2024
Stocks to Watch: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Nifty is in a consolidation range and is likely to remain in this consolidation phase"
Stocks To Watch: The Sensex and Nifty opened flat on Wednesday as investors took a cautious approach ahead of key inflation data from the US later in the day and the domestic CPI figures due on December 12. At the time of opening, the BSE Sensex was trading above 81,500, while the Nifty50 hovered near 24,600.
Commenting on the outlook for the day, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Nifty is in a consolidation range and is likely to remain in this consolidation phase with a mild upward bias in the near-term. The biggest positive for the market is the return of the Fils and the consequent strength in the large caps, particularly in banking and IT.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
Olectra
Olectra has shown a breakout from a Flag and Pole pattern on the daily chart, showing a continuation of the bullish trend. The above-average trading volume highlights strong buying interest in the stock. The price currently trades above key EMAs, confirming the uptrend, while the RSI is in the higher range, reinforcing the positive momentum. On the directional front, the DI+ is above DI-, indicating an uptrend, and the ADX above DI- suggests strength in the move.
The analyst recommends considering a long position as long as the stock remains above Rs 1550, with potential targets in the Rs 1780–Rs 1880 range.
ANURAS
ANURAS has broken out of a 5-week consolidation phase with rising volume, indicating a shift toward a positive trend. The price closing above both the 20 and 50 EMAs confirms the uptrend. The RSI, positioned in the higher zone, further supports the bullish outlook. The analyst suggests that a long position can be initiated as long as the stock stays above Rs 720, with an expected target range of Rs 800–Rs 880.
NAM India
NAM India has broken out of an Ascending Triangle pattern on the upside, indicating a continuation of the current trend. The lack of significant resistance in the pattern and increased volume on buying days suggests substantial accumulation by buyers. The breakout was accompanied by high volume, indicating solid investor interest. The price is holding above the 20 EMA and 50 EMA, confirming an uptrend. Based on this technical setup, a long position can be considered as long as the stock stays above Rs 740, with an expected upside target of Rs 900, suggests the analyst.
DCMSRIND
DCMSRIND has broken out of a falling parallel channel, showing a potential trend reversal. The surge in volume during the breakout suggests strong buying interest at current levels. The price has consistently respected the 100 EMA, and the recent close above this level aligns with bullish price action. The RSI is trending upwards, reinforcing the positive momentum.
Based on this technical setup, a long position can be considered as long as the stock holds above Rs 185, with an expected target range of Rs 240–Rs 280, states the analyst,
LTI Mindtree
LTI Mindtree has broken out of an ascending triangle pattern, signalling a continuation of the uptrend. The increased volume during the breakout indicates strong buying interest. The price trading above the 20 EMA (fast) and 50 EMA (slow) further confirms the bullish momentum. The RSI is positioned in the higher range, supporting the positive trend.
The analyst recommends initiating a long position in LTI Mindtree as long as the stock holds above Rs 6080, with an expected upward target range of Rs 8000–Rs 8500.
Disclaimer: The views and recommendations provided above are those of individual analysts or brokerage firms, and do not reflect the opinions of ABP Live. We recommend that investors consult certified experts before making any investment decisions.
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