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Stocks to Buy on Monday, 30 December 2024
Last week, the Indian market traded sideways after a significant decline. Despite bullish indicators from FIIs and a gap up on Friday, the indices remained flat. Five stocks are recommended for buying: NIIT, Usha Martin, Balkrishna Industries, Escorts Kubota, and Glenmark Pharmaceuticals, each showing potential for a bullish trend with specific targets.
Last week Indian market traded completely sideways after a more than 5% fall in the previous week, which suggests that the market is testing the support levels, where all the major indices traded nearly flat – sometimes spiking higher but again settling down – puts the market participants in a dilemma.
Anyway, on last Friday the market opened a gap up but after an hour of rising it again settled back to the opening price suggesting that the bulls are trying to outrank the bears – and the good thing is that the market is not falling from the current levels.
Also the short covering by the FIIs in the Index Futures – suggests an upcoming rally in the market – so we may see a bullish market in the coming week.
So, for Monday, we have 5 stocks to Buy, as suggested by Team 5Paisa.
| Stocks | Action | CMP | SL | Target 1 | Target 2 |
|---|---|---|---|---|---|
| NIIT | BUY | 193 | 186 | 200 | 205 |
| Usha Martin | BUY | 384 | 368 | 400 | 410 |
| Balkrishna Industries | BUY | 2864 | 2755 | 2973 | 3050 |
| Escorts Kubota | BUY | 3258 | 3160 | 3356 | 3420 |
| Glenmar Pharma | BUY | 1586 | 1533 | 1640 | 1675 |
1. NIIT
| CMP | Rs. 193 |
| Action | BUY |
| Target 1 | Rs. 200 |
| Target 2 | Rs. 205 |
| Stop Loss | Rs. 186 |
On the technical chart, NIIT has taken support at the lower rising trendline and then started rising where it has risen above its 50DEMA, and with strong trendline support near the 180 level – it suggests a strong bullish trend ahead with potential target to Rs. 200 and then Rs. 205
2. Usha Martin
| CMP | Rs. 384 |
| Action | BUY |
| Target 1 | Rs. 400 |
| Target 2 | Rs. 410 |
| Stop Loss | Rs. 368 |
Usha Martin has formed a Descending Triangle Pattern on the daily chart, falling below its 200DEMA line, but last Friday a 5% rally in the stock formed a big bullish candlestick that rose above its 50DEMA line turning the sentiment to bullish.
Hence we expect a continuation of the bullish trend in the stock with a price target of Rs.400 and then Rs.410
3. Balkrishna Industries
| CMP | Rs. 2864 |
| Action | BUY |
| Target 1 | Rs. 2973 |
| Target 2 | Rs. 3050 |
| Stop Loss | Rs. 2755 |
On the shorter timeframe, we have an Ascending Triangle formation on the chart of the Balkrishna Industries, and as of yesterday, it has risen above its 50DEMA line, suggesting a bullish outlook for the coming day, hence the breakout of the pattern will likely result in a short term rally with a target of Rs.2973 and then above Rs.3000
4. Escorts Kubota
| CMP | Rs. 3258 |
| Action | BUY |
| Target 1 | Rs. 3356 |
| Target 2 | Rs. 3420 |
| Stop Loss | Rs. 3160 |
Escorts Kubota is currently in a strong downtrend, and on the daily chart, the RSI of the stock has fallen below 25 which signals an oversold market, but in the last 2 days, it continuously formed 2 spinning bottom candlesticks and yesterday, it formed a Bullish Belt Hold Candlestick with high volume, suggests a Potential Reversal in the stock.
So we expect a bullish move in the stock on Monday, 30 December 2024, with a target of Rs.3356 and then Rs.3420
5. Glenmark Pharmaceuticals
| CMP | Rs. 1586 |
| Action | BUY |
| Target 1 | Rs. 1640 |
| Target 2 | Rs. 1675 |
| Stop Loss | Rs. 1533 |
On the daily chart of Glemark Pharma, we have an Ascending Triangle Pattern formation and yesterday the price broke out on the upper side of the pattern with a big Bullish Belt Hold Candlestick indicating a coming bull run in the stock, hence we are bullish on the stock, with the target to Rs.1640 and then Rs.1675
