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Stocks to Buy on Monday, 16 December 2024
Here are the 5 stock recommended by 5paisa for Monday 16 December 2024. Kotak Mahindra Bank, Ramco Cements, Bharat Electronics, and two more.
As the Indian Market rebounded on Friday after the early losses, the market became optimistic as both the benchmark indices Nifty and Sensex closed the day in green where the Nifty 50 rose 0.89% and Sensex rose over 1% indicating a bullish market for the coming days.
While the Broader index traded in green today rising nearly 1% the midcap and the small-cap indices underperformed where the Midcap Select index rose just 0.48% and the small-cap traded 0.30% lower on Friday.
Now, as the Index rebounded today, the further market outlook is very positive and the Index is likely to trade higher on Monday, hence we are just looking for the Buying Opportunity.
So, for Monday, we have 5 stocks to buy suggested by Team 5Paisa.
| Stocks | Action | CMP | SL | Target 1 | Target 2 |
|---|---|---|---|---|---|
| Kotak Mahindra Bank | BUY | 1805 | 1760 | 1850 | 1885 |
| Bharat Electronics | BUY | 316 | 303 | 329 | 338 |
| Power Grid Corporataion | BUY | 334 | 320 | 348 | 355 |
| The Ramco Cements | BUY | 1041 | 1002 | 1080 | 1115 |
| Zen Technologies | BUY | 2168 | 2029 | 2245 | 2300 |
1. Kotak Mahindra Bank
| CMP | Rs. 1805 |
| Action | BUY |
| Target 1 | Rs. 1850 |
| Target 2 | Rs. 1885 |
| Stop Loss | Rs. 1760 |
Kotak Mahindra Bank forms a Bullish Engulfing Pattern on the daily chart along with an Ascending Triangle Pattern and as both patterns are Bullish Patterns, we expect a rise in the price of the Stock toward the 1850 level and then 1885.
But first, the stock needs to break the resistance of the 1810 level, and only then we can go for buying.
2. Bharat Electronics
| CMP | Rs. 316 |
| Action | BUY |
| Target 1 | Rs. 329 |
| Target 2 | Rs. 338 |
| Stop Loss | Rs. 303 |
On the daily chart, Bharat Electronics also forms a Bullish Engulfing Pattern after a fall toward the 308 level and as it bounces back from the 15DEMA and forms a bullish candlestick pattern, we expect a rise in the price of the stock toward the 330 level and then towards 340 level.
3. Power Grid Corporation of India
| CMP | Rs. 334 |
| Action | BUY |
| Target 1 | Rs. 348 |
| Target 2 | Rs. 355 |
| Stop Loss | Rs. 320 |
Power Grid Corporation forms a Hammer candlestick on the daily chart, which is a bullish pattern, and along with the Hammer Candlestick, it also forms a Symmetrical Triangle Pattern and a breakout in the upper direction above the 335 level we expect a rise toward 348 and then 355 level on Monday, 16 December 2024.
4. The Ramco Cements
| CMP | Rs. 1040 |
| Action | BUY |
| Target 1 | Rs. 1080 |
| Target 2 | Rs. 1115 |
| Stop Loss | Rs. 1002 |
The Ramco Cements is currently in the strong Uptrend, and it forms a Bullish Engulfing Candlestick Pattern on the daily chart, which indicates a continuation of the bullish trend in the price of the stock with a target of Rs. 1080 and then Rs. 1,115 on Monday, 16 December 2024.
5. Zen Technologies Ltd.
| CMP | Rs. 2168 |
| Action | BUY |
| Target 1 | Rs. 2245 |
| Target 2 | Rs. 2300 |
| Stop Loss | Rs. 2092 |
Zen Technology is currently trading at its all-time high levels forming a higher high and higher low pattern, hence we expect a continuation in the pattern and the rise in the price on Monday towards the 2245 and then 2300 levels.
