Stocks to buy: Raja Venkatraman recommends three stocks for today — 20 December

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Subscribe to enjoy similar stories. As investors await global cues to settle, mixed signals are beginning to emerge. The bullish momentum is slowing and Q2 earnings numbers are not really driving up momentum.

As the markets are still unable to recover from the sharp drawdown seen in last few months we need to tread carefully. The much-awaited Federal Reserve meeting emerged as expected, but the hawkish outlook spooked the markets across the globe. Domestic markets reacted sharply and opened lower only to rebound slightly.

There wasn’t much by way of local news flow to contain the volatility induced. The moves were also reasonably large, especially in IT and pharma. Trading, therefore, was quite difficult through the week, and it would have been a wonder if one came out largely unscathed in the week.

Also Read: The US Fed seems as clueless as markets about its policy path from here on The daily charts highlight strong resistance zones around 24900 that could not be exceeded this week, and the trends eventually gave up. At lower levels around 24000, we are observing that a constant demand is emerging, suggesting that dips are being seen as a buying opportunity. With option data reaching oversold levels we could experience a relief rally as we head into the final few days for the monthly expiry.

Also Read: Stock market crash: Sensex plunges nearly 1,000 points; 5 factors that drove the Indian stock market down today • Titan: Sell at ₹3,350, stop ₹3,380, target ₹3,300 With gold losing its sheen, the trends in this counter are turning negative. As the negative bias takes over, we can observe that we have been unable to hold on to the gains. With trends hinting at more downside one can look at some more decline in the coming