Stocks to buy: Raja Venkatraman recommends three stocks for today — 24 December
Subscribe to enjoy similar stories. On 23 December, the benchmark indices Nifty and Sensex came off their highs during the afternoon session, but managed to close the day in positive territory. This was largely due to a rebound in major stocks like JSW Steel, ITC and Hindalco.
This recovery provided some relief from the heavy selling pressure experienced last week, which had dragged the key indices down by 5%, marking their worst performance in over two years. Also Read: Be discerning: Market losses and mistakes are completely different things With some hint of recovery, we need to move ahead with caution amid a break in between the trading week. The option data is hinting at 23500 for Nifty seeing some strong put writing that is holding back the selling pressure.
The trends are clearly not stable, and one needs to watch out for limited cues. Despite some patches of positive outlook, there was not enough movement witnessed. As the overall bias is still bearish, one witnessed selling pressure emerging at higher levels.
The resistance zones around 23900 will continue to be the immediate hurdle with the next being at 24900. Bank Nifty is still recovering from last week's meltdown and will need more triggers to stage ahead as 52000 continues to remain a hurdle. Also Read: Bullrun, bullshit and other market lessons of 2024 • TVS Motor:Sell below ₹2380, stop ₹2400, target ₹2350 As auto stocks are losing sheen, markets are turning bearish in this sector.
One needs to consider revising their approach as prices are found slipping. With negative bias in play, we need to plan the road ahead. Consider going short on this counter.
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