Stock market today: Trade setup for Nifty 50 to RBI policy; 5 stocks to buy or sell on Friday — Dec 6

Stock Market Today: The benchmark Nifty- 50 Index ended a volatile trading session on Thursday with gains of almost 1% at 24,708.40, ahead of the RBI Policy outcome today. S&P BSE Sensex also ended at 81,765.86, up 1%. Nifty Bank ended with gains of 0.66% at 53,603.55, while IT, Auto index stood among other key winners. Broader markets remained positive, with sustained buying seen in the midcap and smallcap segments.

Trade Setup for Friday  

With the Nifty reclaiming 24,700—a level targeted after the breakout above 24,350—its sustenance could pave the way for a move toward 25,100, said Ajit Mishra – SVP, Research, Religare Broking Ltd, who emphasised the importance of focusing on stock selection.

Bank Nifty also witnessed continuation of the positive price action. Signs of divergence are visible on the hourly momentum indicator however there is no price confirmation as of now and hence we shall continue to ride the upside move towards 54460, said Jatin Gedia – Technical Research Analyst at Mirae Asset.

Global Markets and RBI policy in focus

Market volatility on Thursday was largely induced due to uncertainty around MPC’s policy meeting and RBI’s focus on liquidity measures following a dip in economic growth. Indian equities staged a strong rebound during the day, fuelled by robust buying in heavyweight stocks across various sectors and positive market sentiment. The upside move was further supported by Foreign Institutional Investors (FIIs), who turned net buyers, contributing over ₹5,000 in the past two sessions. While Markets could start on a volatile note on Friday morning, overall we expect the uptrend to continu, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas.

Sumeet Bagadia’s stocks to buy today

1.ICICI Bank Ltd-  Bagadia recommends buying ICICI Bank at ₹1336.5 keeping Stoploss at ₹1290 for a target price of ₹1430

ICICI Bank share price is trading at ₹1336.5, having recently rebounded from a key support zone. The stock is on the verge of breaking out from its consolidation range and is approaching its all-time high, confirming upward momentum. This breakout is further supported by a notable increase in trading volumes, signaling strong buying interest from investors. In the short term, the stock appears poised to target ₹1430.

2. KFin Technologies Ltd– Bagadia recommends buying KFin Technologies at ₹1256.35, keeping Stoploss at ₹1200 for a target price of ₹1335

KFin Technologies is exhibiting strong bullish momentum, trading at an all-time high of 1313.7. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached ₹1256.35, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock

Ganesh Dongre’s stocks to buy today

3.Godrej Consumer Products Ltd – Dongre recommends buying Godrej Consumer Products at ₹1250, keping Stoploss at ₹1230 for a target price of ₹1275.

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹1275. The stock is currently maintaining a crucial support level at Rs.130. Given the current market price of Rs.1250 a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1275.

4. Hindustan Aeronautics Ltd – Dongre recommends buying Hindustan Aeronautics (HAL) at ₹4568, keeping stop-loss at ₹4500 for a target price of ₹4650

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹4650. The stock is currently maintaining a crucial support level at ₹4500. Given the current market price of ₹4568, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹4650.

5. Life Insurance Corporation of India– Dongre recommends buying Life Insurance Corporation (LIC) at ₹977 keeping Stoploss at ₹955 for a target price of ₹995

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹995. At present, the stock is maintaining a crucial support level at ₹955. Given the current market price of ₹977, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹995.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.