Stock market today: Trade setup for Nifty 50 to US dollar; 5 stocks to buy or sell on Monday — Dec 16

Stock Market Today: Indian shares closed up on Friday, December 13, as markets bounced back. The index recovered its earlier losses and closed on green late last week. The Nifty 50 ended 0.89 per cent up at 24,768.30 points, as against 24,548.70 points at the previous close.

In regard to the Nifty 50 and Bank Nifty, Vaishali Parekh, vice president of technical research at Prabhudas Lilladher said, "Nifty is in resistance at 24,850-line and was subjected to profit booking, so fell to 24,180-line. But it saw a quick recovery to close some of the distance and finished above the 100-period MA at 24,700. The bias and the mood improved toward the end of the week."

"The index would face the significant resistance area of the 50EMA apex of 24,400 which should be held if you want to keep the bias intact," said the market analyst.

The Bloomberg Dollar Index reflected a 0.04 per cent gain in the US Dollar Index Spot to settle at 107 at 12:00 a.m. (EST) on 13 December.

The dollar held steady against a basket of currencies for the second week in a row, the news agency Bloomberg reported Friday. Other global currencies, such as the UK Pound, depreciated after Britain’s economy unexpectedly shut down for another month in October.

Choice Broking Executive Director Sumeet Bagadia has given you two stock recommendations today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi recommended 3 Stocks to buy today for Monday.

HCL Technologies Ltd. (HCLTECH) is currently trading at 1,968.80 with a bullish bias showing higher highs and higher lows on the weekly chart. Having traded close to resistance around 1,950 in the day trading stocks, the stock recently made it above it, with bullish bullish candlestick pattern in the daily chart indicating its uptrend.