highlights
- Market experts say that there is a resistance for Nifty around 26250 to 26200.
- ET NOW Swadesh panelists and market experts have recommended several stocks for short term trading.
- These include PNB Housing Finance, Hindustan Zinc, IRCTC, Ajanta Pharma and Nuvama Wealth.
Tata Steel, Jio Financial, Max Healthcare, Kotak Mahindra Bank, Bajaj Finserv were major gainers on the Nifty, while TCS, Tata Consumer, Hindalco, Apollo Hospitals and Bajaj Finance were losers.
On December 30, Sensex closed 20.46 points or 0.02% lower at 84,675.08 and Nifty closed 3.25 points or 0.01% lower at 25,938.85. BSE Midcap and Smallcap indices also witnessed a slight decline. Sectorally, the auto index rose 1%, the metal index gained 2%, and the PSU bank index jumped nearly 2%.
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Market expert Pradeep says that Nifty has a resistance around 26250 to 26200. Support is around 25750 to 25700. Experts advised investors to adopt the strategy of ‘buy on dip’.
Which stocks should investors bet on?
Hindustan Zinc Share Price Target
Market expert Harish Jujare said that Hindustan Zinc is an outperformer. This counter has rallied more than 35 percent in just one month. The rally has been mainly driven by the rise in silver prices, which have now crossed USD 75 in the international market. Hindustan Zinc shares are in a continuous uptrend after breakout from inverted head and shoulders pattern from around Rs 520 levels.
He said the current rally may continue in Hindustan Zinc and take the stock to Rs 700 and above. But my advice would be to avoid fresh buying as momentum indicators are showing that it is in oversold zone after a vertical rally. Investors should adopt the strategy of buying stocks on decline. If you already have Hindustan Zinc shares in your portfolio, I would suggest holding as there is no major trend reversal visible on the charts.
SJVN Share Price
Harish Jujare said that SJVN shares have been in a downtrend for the last three months. SJVN is currently trading well below the major support level of Rs 80. We saw a pullback rally in SJVN as it was in oversold territory. Rs 80 is a big registration for SJVN. As long as it trades below Rs 80, the trend will remain negative. He has advised investors to avoid new purchases.
PNB Housing Finance Share Price Target
Harish Jujare has advised to buy shares of PNB Housing for intraday trading today. He said that in the current markets, financial services stocks are performing well and housing finance companies are showing good momentum. It is advisable to buy shares of PNB Housing Finance at the current level with a target price of Rs 1,024. Keep stop loss at Rs 948.
ajanta pharma share price target
Harish Jujare said that Ajanta Pharma has given a trendline breakout after forming a strong base last week. Investors are advised to buy shares of Ajanta Pharma for a target of Rs 1,880 and Rs 2,940. Stop loss should be at Rs 2,670.
IRCTC share price target
Harish Jujare said that with the budget approaching, IRCTC and other railway stocks are in focus. IRCTC has strong support at Rs 650, from where the stock has recovered. In the short term, the current momentum could take the Railways stock towards Rs 700 in the coming sessions. Above Rs 700, IRCTC shares may move towards Rs 740. However, the long term chart shows that IRCTC is in a consolidation phase and may continue to consolidate.
Nuvama Wealth Share Price Target
Ratnesh Goyal has also advised to buy shares of Nuvama Wealth for intraday trading today. He said that Nuvama Wealth has given a breakout of consolidation on the upside. From trading point of view, the analyst has set a target of Rs 7680 and stop loss of Rs 7569.
prime focus share price target
Ratnesh Goyal, Head of Technical Analysis, Arihant Capital, recommends prime focus from the midcap segment for intraday trading. He said that Prime Focus is continuously trading in higher high pattern, which indicates an uptrend or bullish sentiment. The analyst has set a target price of Rs 250. Stop loss is at Rs 235.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.
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