 "Nifty trading strategy, 2 stocks to buy by Vinay Rajani of HDFC Securities")
Nifty Outlook
The Nifty index fell for a third consecutive session to close at 24,610 on Tuesday, with a loss of 0.04 per cent or 9 points. However, short-term trend is still bullish as it is placed above its 5, 10 and 20 days EMAs. Short-term support for the Nifty index is seen at 24,400, while resistance for the same is seen at 24,857.
The Nifty SmallCap100, MidCap 100, and MicroCap 250 indices rose for 13th session on the trot. The Nifty MicroCap 250 index registered a fresh all-time high in Tuesday's trading session, while the SmallCap 100 index is just a few points away from its all-time high.
Stocks to Buy Today, December 11, 2024:
Buy Nam India (CMP: Rs 805.90) | Target: Rs 890 | Stop-loss: Rs 750
Nam India share price is on the verge of breaking out from the consolidation phase, which it has held for last three months. The stock price has been rising with the rise in volumes. The stock is placed above all important moving averages, indicating bullish trend on all time frames. The stock price has started forming 'Higher Tops and Higher Bottoms' on the weekly charts. Indicators and oscillators have turned bullish on the daily charts.
Buy Karur Vysya Bank (CMP: Rs 242.50) | Target: Rs 269 | Stop-loss: Rs 230
Karur Vysya Bank share price has found support on upward sloping trend adjoining the lows of week ended May 12, 2023, and June 7, 2024. On week ended October 18, 2024, the stock broke out from the downward sloping trend line on the weekly charts, which indicates resumption of primary uptrend.
Weekly stochastics oscillator has turned bullish. The price breakout was accompanied by rise in volumes. The stock price has been forming 'Higher Tops and Higher Bottoms' on the weekly charts.
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Disclaimer: Vinay Rajani is CMT, senior technical and derivative analyst at HDFC securities. Views expressed are this own.