 "Infosys")
Stock Market Outlook
The markets remained range-bound for a fourth consecutive session on Wednesday, closing with minimal change. After a flat opening, the Nifty climbed in the first half but faced resistance near the 24,700-mark, limiting further gains.
We anticipate the consolidation phase to conclude soon, with the Nifty50 index likely to surpass the 24,800 resistance level. While sectoral participation remains selective, the banking and IT sectors are expected to play a pivotal role in driving the next leg of the rally.
Meanwhile, traders are advised to maintain a 'buy on dips' strategy, focusing on prudent stock selection.
Stocks to Buy Today, December 12, 2024:
Petronet LNG Limited | LTP: Rs 341.20 | Buy | Target: Rs 355 | Stop-loss: Rs 334
The energy sector has shown selective participation, with Petronet outperforming most of its peers. The stock has displayed a strong rebound after retesting its 200-day exponential moving average (DEMA), a key long-term support level, and has formed a new pivot following its initial surge. The chart pattern suggests the potential for a fresh upward move, making the current consolidation phase an opportunity for traders to accumulate.
Infosys Limited | LTP: Rs 1,974.15 | Buy | Target: Rs 2,080 | Stop-loss: Rs 1,920
The IT sector has demonstrated strong performance, with Infy aligning well with the trend. The stock has recently broken out of a three-month consolidation phase and reclaimed its all-time high. We expect this upward momentum to persist.
The Federal Bank Limited | LTP: Rs 214.68 | Buy | Target: Rs 230 | Stop-loss: Rs 206
Federal Bank has been a standout performer within the banking sector, steadily climbing higher week after week. The stock recently achieved a new high, breaking out of a consolidation range and drawing buying interest on every dip. The outlook favors a continued gradual uptrend, making it an attractive opportunity for long positions at the specified levels.
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Disclaimer: Ajit Mishra is SVP-Research at Religare Broking Limited. Views expressed are his own.
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