Stocks To Buy Today For Short-Term: Gift Nifty, an early indicator for domestic equity market indices, is signaling a weak start for the benchmarks today
(Tuesday, December 16). At 8 AM, Gift Nifty traded 50 points 0.19 per cent lower at 26,035. Overnight, the US markets ended modestly lower amid concerns about inflation and a bubble in AI shares. The Dow Jones and S&P 500 fell 0.09 per cent and 0.16 per cent, respectively, while the Nasdaq Composite settled 0.59 per cent lower. Investors have turned cautious and shifted their attention to this week's data which will guide the moves. Key economic data that will be released later this week include the jobs report for November, retail sales data and the consumer price index (CPI) inflation report. On Tuesday morning, the Asia-Pacific market fell across the board, tracking Wall Street declines. South Korea's lost more than 1.7 per cent, followed by the Hang Seng index which cracked 1.4 per cent and Japan's Nikkei 225 quoted 1.2 per cent lower.
Nifty Support, Resistance Today Levels
On how Indian markets could perform today, Pradip Halder, founder of PHD Capital, said that FIIs are continuously selling and that's the moves are getting restricted.
On Monday, foreign institutional investors (FIIs) offloaded equities worth Rs 1,468.32 crore on Monday, while domestic institutional investors (DIIs) bought stocks worth Rs 1,792.25 crore, according to exchange data.
On Nifty, he said that 26,150 is a strong resistance. Nifty has faced rejections from 26,150 on multiple occasions and once again the index is unable to cross it. "We can see any meaningful rally in Nifty only if gives a decisive closing above 26,150."
On the lower side, Nifty has strong support at 25,850. Today, being the weekly expiry, "we may see high volatility in Nifty". "25,850 to 25,900 is a good range to buy. My view is the buy on decline is the best strategy in the current market set up. For now, Nifty can remain in the range of 25,850 to 26,150. A decisive break above 26,150 is needed for Nifty to resume the next leg of rally," the analyst told ET NOW.
BEML Share Price Target
Pradip Halder has recommended buying BEML shares for short-term. He said that BEML is currently in oversold zone. Fundamentally, the company is very good and I recommend buy its shares in the range of Rs 1720 to 1730 for a target price of Rs 1780 and Rs 1850. Maintain stop loss at Rs 1,680.
IMFA Share Price Target
Pradip Halder has also recommended buying Indian Metals and Ferro Alloys (IMFA) shares today. He said that IMFA has given breakout on all the three timeframes and this could a good momentum pick. Buy IMFA shares for target price of Rs 1485 and Rs 1650. Stop loss should be at Rs 1,390.
SBI Share Price Target
On State Bank of India (SBI), Pradip said that the chart is very strong. The bank has delivered strong numbers in the last 2-3 quarters and its NPAs have fallen drastically. The current rally could continue for the next 6 to 9 months. SBI is a buy at current levels and add on every decline. My view is the SBI is ready to cross Ra 1000-mark in the near term. On positional basis, the target price would be Rs 1050 and Rs 1100.
Lemon Tree Share Price Target
Pradeip said that the balance sheet of Lemon Tree is strong and the company has demonstrated consistent profitability. On the chart, Lemon Tree shares are showing a higher high formation. Last month, Lemon Tree shares fell up to Rs 148-150 and staged a sharp recovery from the lows. Lemon Tree is a buy for short-term and also on a positional basis. Once Lemon Tree crosses Rs 170 levels, the next leg of rally wilk resume and the stock can show the levels of Rs 235.
Tata Power Share Price
On Tata Power, Pradip said that the Tata company has very good fundamentals but its shares are facing rejection from Rs 410 levels. I would recommend buy Tata Power only if you have patience for at least 10-12 months. It is a slow moving counter. For now, Tata Power may show you rangebound movements. The breakout level in Tata Power is Rs 410.
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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
