Nifty 50 on 2 December: Recap
As anticipated, the Indian equity markets opened the week on a mildly positive note despite concerns stemming from disappointing GDP growth figures for the fiscal second quarter, with benchmark indices Nifty and Sensex trading with marginal gains in the afternoon on Monday, 2 December. The GDP data too revealed a seven-quarter low growth rate of 5.4% for the July-September quarter, significantly below the 6.5% median forecast. However, the encouraging close indicated that the lower levels were bought into. With a key event in the next few days, the market remained mildly positive, triggering some stock-specific actions.
Also Read: Traders may buy dip at lower opening
Indian stock markets: Way forward
The markets quickly shrugged off the negative newsflow to display a strong case of bullishness and revived smartly from lower levels. The tailwind was favouring an upside and the upmove seen towards the close of the day will encounter some challenges around 24500, as we have been mentioning. With the put-call ratio or PCR at 1.03, we can expect the market to continue to maintain a sedate stand as we head into the coming sessions. As RBI policy now weighs in, the Bank Nifty is retaining a composed outlook holding on to some gains. Until 53000 is surpassed, this index shall receive constant supply at higher levels. The saving grace continues to be some strong showing by weighted banks like HDFC Bank, ICICI Bank and SBI, keeping the flag flying high.
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Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• Affle India: Buy at ₹1740, stop ₹1690, target ₹1840
Affle India, a leading player in the telecommunication equipment industry reached 52 week high and continues to attract demand. The prices have had some strong tailwinds post consolidating in the range of ₹1650-1450 since August 2024.
• NIIT: Buy at ₹580, stop ₹557, target ₹635
NIIT is a global leader in managed learning and training services has reached an all-time high recently. With the IT sector in constant demand the strong thrust above value resistance zone around 200 with volume is fueling some buying interest.
• ADF Foods: Buy at ₹340 , stop ₹328 target ₹365
A small midcap stock from the FMCG industry, it has been doing well and is also outperforming the sector. The move in the last one month has been a series of higher lows until Friday where it managed to clear important value area resistance around ₹325.
Raja Venkatraman is co-founder, NeoTrader.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
