Stocks to buy: Raja Venkatraman recommends three stocks for today — 17 December
- Here are three stocks to buy as recommended by Raja Venkatraman of NeoTrader for Tuesday, 17 December.
Nifty 50 on 16 December: Recap
On Monday, 16 December, market trends remained subdued, with only faint signs of positive momentum in the Bank Nifty. Despite some attempts to clear Friday’s high, the struggle continues, suggesting the wait for a decisive move could be longer. Markets are gaining momentum in brief spurts, but with the next earnings season just days away, there are limited triggers to drive a sustained rally as the calendar year draws to a close.
The current volatile environment underscores the ever-changing market dynamics, keeping sentiment in flux. In such uncertain times, risk management becomes crucial as clarity remains elusive. Global cues continue to exert significant influence on domestic sentiment, with the Federal Reserve meeting being a key driver not just for India but for global markets.
In the absence of clear outcomes, the market is likely to oscillate within a narrow range of 24,500 to 24,900.
Indian stock markets: Way forward
The strong surge on Friday sparked hopes of a sustained rally, only to be tempered by a lacklustre start to the week. With the US Federal Reserve meeting scheduled for 17-18 December, market expectations have adjusted accordingly. Financial markets are nearly certain—97% confident—that the Fed will cut the federal funds rate by 25 basis points, bringing it to a range of 4.25%-4.5%.
However, the justification for such a move has recently weakened. Inflation remains stubbornly above the Fed's 2% target, and job availability remains robust, creating ambiguity around the decision to lower rates.
Amid this uncertainty, Nifty continues to oscillate in a "buy-on-dip" scenario, with 24,500 emerging as a key buying level. Options data remains largely unchanged, offering no significant cues and emphasizing the need for caution. While the markets hold onto gains, it’s clear that we’re not out of the woods yet, and vigilance remains critical for those holding long positions.
Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• INDRAMEDCO: Buy at ₹504, stop loss ₹480, target ₹570
This counter has been performing well since last few months and the recent pullback indicates that the trends are showing some signs of revival. With a potential for moving higher, we can consider that the bias in the market can help. As the +DI has started rising once again we can look to initiate some longs.
• CAPACITE: Buy at ₹443, stop loss ₹428, target ₹483
Capacite Infraprojects is primarily engaged in the EPC business and provides turnkey solutions for a variety of projects. Post a sharp rise since mid-November this year the prices have slipped into a consolidation. Now, poised at heading beyond the cluster highs one can consider going long.
• TRITURBINE: Buy at ₹819.25, stop loss ₹780, target ₹895
TRITURBINE, a company that manufactures and supplies power-generating equipment and solutions, has been finding steady demand at lower levels. The rounding pattern on daily charts indicates that the bullish momentum can persist. With value support area around 750 proving to be some support zone we can expect more upside in the coming days.
Raja Venkatraman is co-founder, NeoTrader.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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