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livemint.com / 4 months ago
livemint.com / 4 months ago
Stock recommendations for 31 December from MarketSmith India
overall weakness.Two stock recommendations by MarketSmith India:Buy: FSN E-Commerce Ventures Ltd (current price: ₹264)Buy: Choice International Ltd, current price: ₹832) Nifty 50 recapNifty 50 opened on a flat note and spent the entire session oscillating within a narrow 100-point range, highlighting indecision and muted participation from market participants. The subdued price action resulted in the formation of a fourth consecutive bearish candle on the daily chart, marked by a lower-high and lower-low price structure, which signals a gradual erosion of near-term momentum.From a technical perspective, the RSI turned downward and is hovering around 49, reflecting weakening buying strength.
Meanwhile, the MACD has witnessed a negative crossover, indicating rising selling pressure, though it remains above the zero line, suggesting the broader trend is still intact. Overall, the current technical configuration calls for short-term caution, with investors advised to remain selective and closely monitor key support levels before initiating fresh positions.According to O'Neil’s methodology of market direction, the market status has shifted to a "Confirmed Uptrend" as it decisively surpassed its previous rally high of 25,670 to register a new 52-week.
Looking ahead, we will maintain a Confirmed Uptrend stance if market action remains constructive. However, if the distribution day count rises or Nifty breaches key support levels, we may shift the outlook back to an Uptrend Under Pressure to reflect elevated risk.The index concluded the session marginally lower and briefly slipped below its 50-DMA during intraday trade, though it managed to reclaim and hold this critical level by the close.
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