The Indian stock market ended on a flat note on Thursday, December 18, with the Sensex slipping 78 points to 84,481.81 and the Nifty 50 edging down 3 points to 25,815.55. The lack of fresh market triggers and ongoing concerns about the rupee's depreciation, foreign fund outflows, and uncertainty surrounding a potential India–US trade agreement are keeping investor sentiment under pressure.
Nifty 50 Outlook
The Nifty index has been witnessing a tug of war between bulls and bears, forming a small-bodied bullish candle on the daily frame with a longer upper shadow. This indicates pressure at higher zones and a continuous formation of lower highs and lower lows over the last four sessions. As long as the index holds below 25,900, weakness could be seen towards 25,700 and 25,600 zones, with hurdles shifting lower to 25,900 and 26,000 zones.
Bank Nifty Outlook
The Bank Nifty index came under heavy selling pressure, forming a bearish candle and closing with losses of around 540 points. As long as the index holds below 59,500, some weakness could be seen towards 59,000 and 58,750, with the upside hurdle seen at 59,500 and 59,750 zones.
Stocks to Buy or Sell
Chandan Taparia has recommended the following stocks to buy or sell:
- Tech Mahindra: Buy, Target Price: ₹1,700, Stop Loss: ₹1,560. The stock has formed a bullish 'Pennant' pattern on the daily chart, suggesting a continuation of the uptrend.
- Hindalco Industries: Buy, Target Price: ₹905, Stop Loss: ₹830. The stock has given a range breakout near its all-time high zones with higher-than-average traded volumes.
- Mazagon Dock Shipbuilders: Sell, Target Price: ₹2,200, Stop Loss: ₹2,435. The stock is in an overall downtrend and has breached its major support zones.
Remember, this is a perspective, not a prediction. It's essential to do your own research and consult with certified experts before making any investment decisions.