Delhi, December 23: The Indian stock market experienced a sharp decline last week due to hawkish comments from the US Federal Reserve on interest rates and Foreign Institutional Investors’ (FIIs) selling pressure. Key indices, including Nifty 50, Sensex, and Nifty Bank, erased their four-week gains. Nifty 50 dropped from 23,768 to 23,587, losing 1,181 points, while Sensex fell over 4,000 points to settle at 78,041. Nifty Bank also recorded a significant loss of 2,824 points, closing at 50,759.

The Nifty 50 index broke below its crucial 200-Day Exponential Moving Average (DEMA) support at 23,800, signaling bearish sentiment. Market expert Sumeet Bagadia of Choice Broking while speaking to Mint noted that if Nifty slips below 23,250, extensive selling could follow. Conversely, a reversal above 23,800 may indicate a recovery. Stock Market Today: Indian Share Market Opens in Red as US Fed Warns Less Rate Cuts This Year.

Sumeet Bagadia’s Recommendations for Stocks to Buy or Sell Today, December 23

Bagadia recommends buying Titan Company, Petronet LNG, and Dr Reddy’s Laboratories for Monday:

  • Titan Company (NSE: Titan): Buy at INR 3,356.25 with a target of INR 3,555 and a stop loss at INR 3,222. Titan shows signs of recovery from INR 3,200 but is still trading below key moving averages. Breaking above the 20-day EMA could indicate a turnaround.

  • Petronet LNG (NSE: Petronet): Buy at INR 336.45, target INR 355, stop loss INR 323. The stock recently rebounded from INR 320, suggesting stability. Breaking above INR 340 could trigger bullish momentum toward INR 355.

  • Dr Reddy’s Laboratories (NSE: DrReddy): Buy at INR 1,343.65, target INR 1,425, stop loss INR 1,295. Dr Reddy’s is in a strong uptrend, trading above all major EMAs. A breakout above INR 1,370 could drive the stock higher.

Ganesh Dongre’s Recommendations for Shares to Buy or Sell Today, December 23

Ganesh Dongre from Anand Rathi while speaking to Mint highlighted that Nifty’s Open Interest data suggests it is oversold, indicating potential short-covering if the index sustains above 23,300–23,500. Stock Market Today: Indian Share Market Opens Flat, Nifty Above 23,900.

Additional stock picks include:

  • Amber Enterprises India (NSE: Amber) : Buy at INR 6,100–6,130, target INR 6,500, stop loss INR 5,750.

  • RCF (NSE: RCF): Buy at INR 168–172, target INR 185, stop loss INR 160.

  • Godrej Industries (NSE: GodrejIND) : Buy at INR 1,100–1,120, target INR 1,175, stop loss INR 1,070.

Traders should monitor key levels closely and remain cautious in the current bearish market.

(The above story first appeared on LatestLY on Dec 23, 2024 08:00 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).