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Mint
42 minutes ago
- Mint
Best stocks to buy today—recommended by NeoTrader's Raja Venkatraman
The stock markets were unable to trigger any further negative bias on Thursday. Investors, however, should continue to participate, although in a limited fashion. The markets were not able to sustain the intraday decline yesterday, hinting at possible breakout of resistance zones. Here are two stocks to buy or sell as recommended by Raja Venkatraman of NeoTrader for Friday, 20 June. Best stocks to buy today BODALCHEM: Buy above: ₹68 | Stop: ₹64.50 | Target: ₹74-78 LTFOODS: Buy aboveL ₹426 | Stop: ₹410 | Target: ₹475-495 The stock market on Thursday On June 19, Indian stocks closed slightly lower in a choppy session, with the Nifty 50 slipping below 24,800 as most sectors—auto being the lone exception—saw selling pressure. The market opened flat-to-negative and spent the day trading in a tight band, buffeted by mixed global cues after the US Federal Reserve held rates steady but warned of higher inflation and slower growth ahead. Mounting geopolitical strains in West Asia further dampened sentiment. By the bell, the Sensex had lost 82.79 points (0.10%) to end at 81,361.87, while the Nifty dropped 18.80 points (0.08%) to finish at 24,793.25. Broader gauges underperformed, with the BSE Midcap and Smallcap indices each sliding over 1.5%. Outlook for trading As the markets remained muted, it tested investor patience but did not give up the lower levels. Over the last one month, the 500-point range has been stifling the market sentiment. However, the trend seen over the last few days highlights that the Nifty 50 managed to hold on and did not give up. On the charts, the doji formation continues to keep investors guessing. Taking cues from options data, we can add that the levels around 24,800 that had steady Put writers have now ensured that the upward possibility gets more wings. With the PCR nearing 0.95 we can expect some trended move today. Stay alert. The trend that is emerging suggests that the dips seen last week managed to hold the support zone and the gap-down opening was covered to ensure that the prices traded above the range area that developed in the last few days. Hence, one should track the trends that are in progress as the upmove needs to continue its way above 25,000 (Nifty Spot) to renew the bullish bias. Momentums on hourly charts are indicating that the prices after settling down seems to have witnessed a resumption of selling pressure. With the gradual and hesitant rise emerging from lower levels we can expect the rise to remain hesitant. For undertaking shorts, we need to see the Nifty move above 24,500, which is the immediate support as per the open interest data. If we witness a 30-minute range breakout on Tuesday we can consider to trade on either side as the trends still remain tentative, where we expect some resistances to kick in. While the trends in the indices are still unclear there is plenty of action as far as the stocks are concerned. Two stocks to trade, recommended by NeoTrader's Raja Venkatraman for 20 June BODALCHEM: Buy above: ₹68 | Stop: ₹64.50 | Target: ₹74-78 LTFOODS: Buy above: ₹426 | Stop: ₹410 | Target: ₹475-495 Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
an hour ago
- Economic Times
Mid-cap and small-cap stocks decline as investors take profits amid stretched valuations
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Mid-cap and small-cap stocks - the outperformers in the recent market rebound - led the declines in equities on Thursday as investors grew wary of stretched valuations. The Nifty Midcap 150 and Small-cap 250 indices fell 1.6% and 1.9%, respectively, on Thursday, while the benchmark Nifty ended 0.1% lower."Post the outperformance in May, mid-cap and small-cap stocks are witnessing profit taking at higher levels as the valuations have become slightly stretched," said Nilesh Jain, head of derivatives and technical research, Centrum Broking. "Typically, quick up moves are followed by such retracements."The Nifty Midcap 150 and Small-cap 250 indices surged 6.3% and 9.3% each in May, outperforming the benchmark index, which gained 1.7% in the same period. Mid-cap and small-cap stocks have performed better than large-caps as the perception that smaller companies are less impacted by the ongoing global uncertainties has fuelled domestic investor appetite in these purchases from domestic equity mutual funds - flush with flows from individual investors - also drove up their share prices, pushing valuations back to their near-peak levels."Mid-cap and small-cap stocks have rallied up to 35% from the April lows and outperformed the benchmark Nifty, which gained around 16% in the same period," said Pankaj Pandey, head of retail research, ICICI Direct. "Post the sharp rally, there is some consolidation in the market."Jain does not rule out further declines of 2-4% for now, but recommends buying the weakness."While the short-term structure remains weak, most of the companies reported fairly inline earnings in this quarter and investors can accumulate quality picks in a staggered manner at further declines," he said investors can 'buy on dips' as the global uncertainty is expected to have a limited impact on these stocks, and the RBI interest rate cut has boosted liquidity, which is incrementally optimistic.
Time of India
an hour ago
- Time of India
Mid-cap and small-cap stocks decline as investors take profits amid stretched valuations
Mumbai: Mid-cap and small-cap stocks - the outperformers in the recent market rebound - led the declines in equities on Thursday as investors grew wary of stretched valuations. The Nifty Midcap 150 and Small-cap 250 indices fell 1.6% and 1.9%, respectively, on Thursday, while the benchmark Nifty ended 0.1% lower. "Post the outperformance in May, mid-cap and small-cap stocks are witnessing profit taking at higher levels as the valuations have become slightly stretched," said Nilesh Jain, head of derivatives and technical research, Centrum Broking. "Typically, quick up moves are followed by such retracements." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Philippines: Affordable Refrigerators for Sale - Check Out the Prices! Refrigerators | Search Ads Search Now Undo The Nifty Midcap 150 and Small-cap 250 indices surged 6.3% and 9.3% each in May, outperforming the benchmark index, which gained 1.7% in the same period. Mid-cap and small-cap stocks have performed better than large-caps as the perception that smaller companies are less impacted by the ongoing global uncertainties has fuelled domestic investor appetite in these stocks. Continuous purchases from domestic equity mutual funds - flush with flows from individual investors - also drove up their share prices, pushing valuations back to their near-peak levels. Agencies "Mid-cap and small-cap stocks have rallied up to 35% from the April lows and outperformed the benchmark Nifty, which gained around 16% in the same period," said Pankaj Pandey, head of retail research, ICICI Direct. "Post the sharp rally, there is some consolidation in the market." Live Events Jain does not rule out further declines of 2-4% for now, but recommends buying the weakness. "While the short-term structure remains weak, most of the companies reported fairly inline earnings in this quarter and investors can accumulate quality picks in a staggered manner at further declines," he said. Pandey said investors can 'buy on dips' as the global uncertainty is expected to have a limited impact on these stocks, and the RBI interest rate cut has boosted liquidity, which is incrementally optimistic.
