Stocks to Buy/Sell this Week; Nagaraj Shetti of HDFC Securities Weighs in These Stocks

The Indian equity market witnessed a major turnaround in today’s trading session after facing the worst week in 2024 on Friday. Shares of ITC, Tech Mahindra, Reliance Industries, HDFC Bank and the metals sector gained significantly.

Sensex closed at 78,540.17, up 0.64% while Nifty ended at 23,753.45.

Today the Nifty opened at 23,738.20 up 150 points whereas Sensex gained by 0.66% 78,490.19. For the markets to witness a significant rally, substantial increase in inflation, planned rate cuts and reduced volatility from Trump 2.0 needs to be factored in.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services noted that FII purchasing activity that was reported in early December completely changed last week. FII outflows stood at ₹15826 crore in the last week.

A robust US economy, upbeat corporate earnings, proposed reduction of corporate tax by Trump 2.0 and strengthening US dollar will prove advantageous for the US market.

Market Views

Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities said that Nifty 50 bounced back on Monday and is currently trading higher after reporting steep declines in the last few sessions. The overhead resistance is estimated between 23,900-24,000. A decisive break below 23,500 can bring the estimates between 23,100-23,000 in the near term.

Stocks to buy or sell in the near term

1. Buy shares of Aster DM Healthcare Ltd at ₹506 by setting a target price at ₹540. Stop loss is ₹480. Timeframe has been set for 1 week

2. Sell the shares of KPIT Technologies Ltd at ₹1,442 by setting a target price of ₹1370. Stop Loss is ₹1,485. Timeframe has been set for 1 week