Stock Market Today Trade Setup For Nifty 50 To Global Markets; 5 Stocks To Buy Or Sell On Thursday — 26 December 2024

Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Thursday — 26 December 2024

Stock Market Update: Volatility Persists Amid Key Economic Factors

The stock market witnessed continued volatility on Tuesday as the Nifty 50 index ended slightly lower, closing at 23,727.65, down 0.11%, following Monday’s rebound. Similarly, the S&P Bombay Stock Exchange (BSE) Sensex closed with a 0.11% dip at 78,472.87. The Bank Nifty index also experienced a loss of 0.16%, closing at 51,233.00. While Fast Moving Consumer Goods (FMCG) and Auto indices posted slight gains, sectors like Metals, IT, and others faced selling pressure. Broader indices also remained muted, closing near the flatline.

Although Wednesday was a stock market holiday, analysts anticipate a cautious trend in the coming days due to global and domestic factors influencing stock market sentiment.


Trade Setup for Thursday

The Nifty 50’s near-term trend remains weak, with no clear signs of a reversal. Immediate resistance is seen at 23,900-24,000 levels, while the next support level is at 23,500, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

For Bank Nifty, the undertone is bearish, with a critical support level at 51,000. A breach below this level could lead to further selling pressure, potentially taking the index towards its 200-day moving average of 50,500, noted Kunal Shah, Senior Technical and Derivative Research Analyst at Mirae Asset Sharekhan.


Stock Market Today Trade Setup For Nifty 50 To Global Markets

Global Market Trends and Budget Expectations

Global Stock Markets, like their domestic counterparts, remained closed on Wednesday. Moving forward, the market trajectory will depend heavily on the outcomes of Q3 corporate earnings and the upcoming Union Budget. However, investor sentiment remains cautious due to factors like a strong dollar, rising bond yields, and concerns over potential rate cuts. Additionally, the Indian Rupee recently hit an all-time low, further amplifying market concerns, explained Vinod Nair, Head of Research at Geojit Financial Services.


Top Stocks to Buy Today

Here are expert recommendations for today’s trade setup, along with technical insights.

1. United Breweries Ltd

Buy at ₹2,052.75 | Stoploss: ₹1,980 | Target: ₹2,196
United Breweries is showing strong bullish momentum, driven by a bullish engulfing candlestick pattern on the daily chart and a breakout above the key resistance level of ₹2,050. This technical breakout is likely to drive further upside, supported by improved trading volumes in the Stock Markets.

2. KFin Technologies Ltd

Buy at ₹1,476.95 | Stoploss: ₹1,420 | Target: ₹1,565
KFin Technologies is trading near an all-time high, reflecting a healthy uptrend supported by robust trading volumes. The stock has formed a series of higher highs and higher lows, signaling sustained bullish momentum.

3. Tata Chemicals Ltd

Buy at ₹1,070 | Stoploss: ₹1,030 | Target: ₹1,135
Tata Chemicals has shown a definitive reversal in price action and is currently trading at ₹1,070. The stock has strong support at ₹1,030, making it an attractive buy. The next resistance level is ₹1,135, presenting a potential rally opportunity.

4. SBI Cards and Payment Services Ltd

Buy at ₹698 | Stoploss: ₹680 | Target: ₹740
SBI Cards is exhibiting a bullish reversal pattern, with current support at ₹680. A rise towards ₹740 is anticipated, making it a favorable entry point for traders.

5. Kotak Mahindra Bank Ltd

Buy at ₹1,750 | Stoploss: ₹1,730 | Target: ₹1,790
Kotak Bank has broken out at ₹1,750 on the daily chart, with the Relative Strength Index (RSI) indicating growing buying momentum. A dip-buying strategy is recommended, with a target price of ₹1,790 in the coming weeks.The stock market sentiment also supports the ongoing upward momentum in Kotak Bank.


Disclaimer

The information provided above is for educational purposes only and should not be construed as financial or investment advice. Investors are advised to conduct their own research or consult a qualified financial advisor before making any investment decisions.

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