Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Friday — 20 December 2024

Stock Market Today: Stocks were looted on Thursday on the back of negative global signals. The Nifty 50 Index -Band-Lower lost 1.02% to close at 23,951.70 after falling below the psychological 24000 level due to broad-based selling as the US Fed’s hawkish outlook hinted at rate hikes next year. Even the S&P BSE Sensex closed 1.20% lower at 79,218.05.

Nifty Bank, 51,575.70 was down 1.08% as IT and Metals were other big losers. The wider markets did not get too beaten up and closed at a smaller decline of 0.3%- 0.5%.

Nifty’s next important resistance is around 23,700 which is the 200-day exponential moving average (DEMA), if we see a drop below then it could push the index further Trade Setup for Friday, added Ajit Mishra – SVP, Research, Religare Broking Ltd.

Bank Nifty 50 witnessed sell pressure and is in sell-on-rise mode and has a immediate support of 52000. The index if it crosses the yesterday low could go even further towards the 200dma in 50482, says Kunal Shah, Senior Technical and Derivative Research Analyst, Mirae Asset Sharekhan.

Stocks to buy today

Thursday, Nifty started weak against sluggish global signals with the US Federal Reserve signalling softer pace of rate cut in 2025. Economic indicators such as US GDP and Bank of England interest rate decision and tomorrows RBI MPC minutes are still very important for markets. In general, we see Indian markets stay calm and watch international signals in this volatile environment, added Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Sumeet Bagadia, Executive Director of Choice Broking gives you two stock picks for the day. The Stock market news as mentioned by Ganesh Dongre, Senior Manager of Technical Research, Anand Rathi are three.

They are Coforge Ltd, BSE Ltd, Emami Ltd, State Bank of India and ICICI Bank Ltd.

Coforge Ltd - Bagadia Buy Coforge at 9657 with Stoploss at 9319 and Target Price: 10333 Bagadia buys Coforge at 9657 with Stoploss at 9319 and target price is 10333.