Stocks to buy: Raja Venkatraman recommends three stocks for today — 26 December
Subscribe to enjoy similar stories. On 24 December, amidst large-scale turbulence, the broader market indices erased all gains in the afternoon to trade in the negative after a downturn in metals, public sector bank names dampened the sentiment. Moreover, trading volumes were reduced as investors closed their books in anticipation of the festive season.
This contributed to the lower market activity observed during the session. While we try our best to retain the bullish sentiment, it has not been possible to address the situation, and the market's inability to rebound has stressed everyone. As the curtailed week began to unfold, the lower levels were held with some confidence as Put writers indicated that the recovery is now possible.
However, we must note that the trends are clearly not stable, inducing large-scale volatility. The overall bias has shifted to a rangebound situation while selling pressure at higher levels persists. As highlighted, the resistance zones around 23,900 will remain a stumbling block.
With the Bank Nifty unable to stabilize the requirement for more triggers is required as 52,000 remains a hurdle. • VOLTAS: Sell below ₹1,670, stop ₹1,690, target ₹1,640 FMCG stocks are under pressure as the demand remains subdued as selling pressure intensifies in this sector. With the momentum losing steam one needs to consider revising their approach as prices are found slipping.
As negative bias continues to hold the fort, we need to plan the road ahead. Consider going short in this counter. • ICICIBANK: Buy at ₹1,305, stop ₹1,285, target ₹1,325 Banking is confused, but this stock has been able to deliver some steady upward bounce in the last few days.
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