Market Overview
The stock market experienced a slight decline of half a percent on December 10, but the overall market breadth remained positive, with 1,832 shares advancing compared to 1,019 shares that declined on the NSE. The market is expected to remain rangebound after the correction in the past two sessions.
Top Stock Picks
Here are some short-term trading ideas to consider:
- Colgate Palmolive: The stock has rebounded from its support zone and is expected to continue its uptrend, with a target of Rs 2,320 and a stop-loss of Rs 2,090.
- Canara Bank: The stock is likely to resume its uptrend, with a target of Rs 156 and a stop-loss of Rs 140.
- ABB India: The stock is expected to break out of its range and witness bullish momentum, with a target of Rs 5,450 and a stop-loss of Rs 4,930.
- AU Small Finance Bank: The stock continues to move firmly within an uptrend, with a target of Rs 995 and Rs 1,020, and a stop-loss of Rs 938.
- Emcure Pharmaceuticals: The stock is expected to break out of its triangle pattern, with a target of Rs 1,520 and Rs 1,580, and a stop-loss of Rs 1,400.
- Aditya Birla Capital: The stock is trading within a well-defined upward-sloping channel, with a target of Rs 381 and Rs 400, and a stop-loss of Rs 353.
- L&T Finance: The stock is ready to break above its consolidation movement, with a target of Rs 336 and a stop-loss of Rs 292.
- IDFC First Bank: The stock is attempting a decisive breakout of its consolidation band, with a target of Rs 89 and a stop-loss of Rs 76.
- Patanjali Foods: The stock is in a distribution phase and is expected to break below its support, with a target of Rs 496 and a stop-loss of Rs 562.
Investment Strategies
It's essential to keep in mind that these are short-term trading ideas, and investors should do their own research and consider their risk tolerance before making any investment decisions. The stock market can be volatile, and it's crucial to stay informed and adapt to changing market trends.