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Three stocks to buy today: Ankush Bajaj's top recommendations for 22 December
Subscribe to enjoy similar stories. Stock market recap: Indian stock market witnessed solid buying interest on Friday, 19 December even as the Bank of Japan (BoJ) hiked interest rate and signalled there could be more hikes in the near future. The Sensex jumped nearly 600 points to an intraday high of 85,067, while the Nifty 50 reclaimed 25,993 on the upside.
Finally, the Sensex closed 448 points, or 0.53%, higher at 84,929.36, while the Nifty 50 settled at 25,966.40, up 151 points, or 0.58%. Gains were broad-based as the BSE Midcap and Smallcap indices rose more than a per cent each. The BSE Midcap index jumped 1.26% while the Smallcap index rose by 1.25%.
Why it’s recommended: Infosys is displaying strong bullish momentum with a well-defined trend on the daily chart. The RSI at 79 highlights powerful buying strength and sustained upside momentum, while the MACD at +25 confirms a strong positive crossover, indicating continuation of the ongoing uptrend. The ADX at 30 reflects a well-established and strengthening trend, suggesting that the stock remains in a high-momentum phase.
Price action continues to remain supportive above key short-term levels, reinforcing bullish sentiment. Key metrics: RSI (14-day): 79 — strong bullish momentum MACD (12,26): +25 — strong positive crossover ADX (14): 30 — strong and established trend Technical view: As long as Infosys holds above ₹1,625, the bullish structure remains intact, with scope for a further move toward ₹1,665. Risk factors: Overbought conditions in the short term, global IT spending trends, and volatility in currency movements.
Read on livemint.comThe same topic in other media
Stocks to buy: Raja Venkatraman's top picks for 31 December livemint.com / 5 months ago
Stocks to buy: Raja Venkatraman's top picks for 29 December livemint.com / 5 months ago
Stock recommendations for 29 December from MarketSmith India livemint.com / 5 months ago
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