Stocks to buy: Ankush Bajaj recommends three stocks for today—30 December
Subscribe to enjoy similar stories. Nifty and Bank Nifty: The Indian stock market closed with gains, led by the auto and financial sectors. The Nifty 50 index rose by 0.27%, adding approximately 63 points to close at 23,813.40.
Similarly, the BSE Sensex rose by 0.29%, closing at 78,699.07. The pharma and auto sectors led the market, gaining 1.30% and 0.97%, respectively. The top gainers included Dr Reddy's (+2.52%), Mahindra And Mahindra (+2.48%), Indusind Bank (+2.30%), Eicher Motors (+1.57%), and Bajaj Finance (+1.35%).
The top losers on the Nifty were Hindalco Industries (-1.81%), Coal India (-1.58%), State Bank of India (-1.58%), ONGC (-1.39%), and Bharat Electronics (-1.07%). Indian stock market’s outlook: The Nifty opened on a positive note and maintained momentum during the initial trade but struggled to sustain gains at higher levels. Once again, the index failed to close above its 200-day moving average (200-DMA) at 23,862.
A decisive close above this level could trigger short-covering rallies towards 24,200-24,300. On the downside, the index has immediate support in the 23,600-23,500 zone, backed by active put writing. A break below this zone could invite fresh selling pressure, potentially pushing the index towards the recent swing low of 23,300.
The Bank Nifty index continues to be a weak spot. It has faced repeated rejections at the 52,000 level, and until it decisively breaks above this mark, the outlook remains bearish, with lower targets of 51,000 and 50,500. Sun Pharmaceutical Industries: Buy at ₹1,861; Target ₹1,900-1,925; Stop loss ₹1,842.
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