On a positive note, the domestic market finished Monday, investors reveal the trust in the market again. BSE Sensex jumped by 638 points to reach 85,567, and the Nifty50 increased by 206 points to settle at 26,172. The Bank Nifty was up 235 points by the end of the day with a final print of 59,304.
FII & DII Activity
On Monday, FIIs sold shares which amounted to ₹4,571.34 crore and DIIs bought shares which amounted to ₹4,058.22 crore. In the month of December, FIIs had a net selling of ₹20,314.71 crore whereas DIIs’ net buying was ₹56,090.34 crore, hence domestic buying was supported very solidly.
Market Outlook
The market is expected to open higher on Tuesday, as the GIFT Nifty is up nearly 70 points. Rupak De, Senior Technical Analyst at LKP Securities, noted:
“The Nifty50 trend is positive. Momentum indicators are improving, and the index is moving higher after a falling wedge breakout. RSI shows strong bullish momentum. The positive trend holds as long as the index remains above 25,900, with resistance at 26,315.”
Global Market Update
US indices ended Monday with moderate gains:
- Dow Jones: +0.47%
- S&P 500: +0.64%
- Nasdaq: +0.52%
In the early trading on Tuesday, Asian markets also sustained the bullish momentum.
Breakout Stocks to Watch
Experts suggest these names for traders looking to make short-term and momentum trades:
- Varun Beverage: The price to purchase is set at ₹485.65, the expected price is ₹515 and the loss limit is ₹470.
- Triveni Engineering & Industries: Buy at ₹389.55, expect to sell at ₹415, and set your cut-off at ₹374.
- BEML: Buy for ₹1,795.80, expect ₹1,930, and secure with a stop of ₹1,725.
- Chambal Fertilizers & Chemicals: Buy at ₹465.95, expect the price to reach ₹505 and set the stop-loss at ₹445.
- Titagarh Rail Systems: Buy at ₹816.50, the target price is ₹890 and the maximum loss is ₹777.
The likes of Varun Beverage would clearly cross the upward curve soon with strong internal buying and a nicely set-up technical momentum.
