Best Stocks To Buy Today: Eveready Industries, Mankind Pharma Among Top 5 Picks For December 19, 2024
Stock To Watch: Vinod Nair, Head of Research, Geojit Financial Services, said, "Market sentiment remains cautious ahead of potential policy and tariff shifts from the incoming US administration"
The Indian stock market experienced steep declines in early trade on Thursday, with the benchmark Sensex plummeting nearly 1,200 points and the Nifty diving back to the 23,870 level, following the US Federal Reserve's indication that rate cuts may proceed at a slower pace in the future.
Vinod Nair, Head of Research, Geojit Financial Services, said, "Market sentiment remains cautious ahead of potential policy and tariff shifts from the incoming US administration. This caution is further influenced by India's premium valuation, which is significantly above the current earnings growth trajectory that has slowed over the last two quarters.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
EVEREADY
Eveready Industries (EVEREADY) has recently broken out of a symmetrical triangle pattern on the daily chart, hinting at the start of an uptrend. This breakout is accompanied by above-average volumes, reflecting strong buying interest at current levels. The stock is currently trading above the 20, 50, 100, and 200 EMAs, confirming the continuation of a bullish trend. Given this technical setup, a long position in EVEREADY could be considered with a stop-loss at 395 and a target range of 464–500.
RPTECH
Rashi Peripherals (RPTECH) has broken out from a rising wedge pattern with increased volume, indicating a strong uptrend. The stock is trading above the Base Line, Conversion Line, and Ichimoku Cloud, further confirming the bullish outlook. Additionally, the formation of higher highs (HH) and higher lows (HL) indicates sustained positive momentum. The RSI, positioned in the higher zone, reinforces the buying strength in the stock. Based on this technical setup, a buy position in Rashi Peripherals (RPTECH) can be considered with a stop-loss at 415 and a target range of 502–550.
GRAVITA
Gravita India (GRAVITA) has broken out of an ascending triangle pattern, indicating the potential onset of an uptrend. The stock trades above the 20 EMA (fast-moving average) and the 50 EMA (slow-moving average), indicating a sustained bullish momentum. As per this analysis, a long position in GRAVITA can be considered as long as the stock remains above the support level of 2,190, with an expected target range of 2,800–3,000.
MANKIND
Mankind Pharma (MANKIND) has recently broken out of a Pennant pattern on the daily time frame, signalling the start of an uptrend. The breakout is supported by above-average volumes, indicating strong buyer interest at current levels. The stock trades above the 20, 50, 100, and 200 EMAs, further validating the bullish trend. Based on this technical setup, a long position in MANKIND can be considered with a stop-loss at 2,660 and a target range of 3,090–4,100.
SUPREMEIND
Supreme Industries (SUPREMEIND) has successfully stayed above the resistance level for three consecutive days, supported by above-average volumes, signalling strong buyer interest. The stock is trading above its key EMAs, reinforcing the bullish trend. Additionally, the RSI momentum indicator is trending upwards, further supporting the positive price action. The stock seems positioned to reach its next resistance level at 5,607.70 as long as it holds above 4,740.
(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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