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Friday, January 27, 2023

Buy or Sell: These stocks are intraday picks on December 7

Markets have generally been cautious so far this week ahead of the RBI policy. However, the wait is finally over as the central bank will present the December 2022 monetary policy later today, which will play a big role in influencing sentiments on domestic stocks. That being said, the experts have given their intraday forecasts for December 7th. Markets ended in the red yesterday with the Sensex falling for the third day in a row. The rupee weakened to a low in more than a month as forward premiums plummeted to their lowest level since 2010. Foreign investors were also net sellers.

On December 6, the Sensex plunged 208.24 points, or 0.33%, to settle at 62,626.36. While the Nifty 50 fell 58.30 points or 0.31% to close at 18,642.75. Performance was dragged down by IT and metal stocks as they witnessed sharp sell-offs, while notable pullbacks were also seen in banking, consumer durables and healthcare stocks. In the broader basket, mid-cap stocks saw strong earnings booking after stellar performance the previous week. India’s volatility index rose more than 2%.

FII sold $635.35 crores in the stock market on Tuesday.

On the interbank forex market, the rupee closed at a 1-month low of 82.6150 against the US dollar compared to the previous day’s print of $81.79 per dollar. USD/INR 1-year forward premiums fell to 1.64%, which is its lowest level since 2010, while its year-to-date decline is around 300 basis points.

RBI has increased the repo rate by at least 190 basis points since May for the current fiscal year. Currently, the repo rate is at 5.90%. Expectations of 25-35 basis points are on the table instead of a fourth 50 basis point increase in December policy.

In addition, the World Bank revised India’s GDP growth forecast upwards to 6.9% for 2022-23 (from 6.5% in October 2022), saying the economy was showing greater resilience to world crises. On the other hand, Fitch now expects global GDP to grow by 1.4% in 2023, revised down from 1.7% in September 2022.

Deepak Jasani, head of retail research at HDFC Securities, said: “Nifty could drop a bit further towards the 18442-18535 band on this near-term move. On moves higher, 18696 could offer resistance.”

Here are the intraday picks for December 7:

Trust Values:

TVS Engine: BUY

For today’s trade, a long position can be initiated in the range of Rs 1,026 to 1,020 for the target of Rs 1,064 with a strict stop loss of Rs 1,004.

Alkem Laboratories: Sell

For today’s trade, a short position can be initiated in the range of Rs 3,104 to Rs 3,122 for the target of Rs 3,030 with a strict stop loss of Rs 3,147.

Oberoi Realty: Sell

For today’s trade, a short position can be initiated in the range of Rs 947 to 953 for the target of Rs 922 with a strict stop loss of Rs 963.

Manoj Dalmia, Founder and Director, Proficient Equities:

Ultratech Cement – ​​Buy at Rs7297 with a stop loss of Rs7276 for a price target of $7344

Bank of Baroda: Buy in $176.35 with a stop loss of $175.25 for a target price of $178.45

Dr. Ravi Singh, Vice President and Director of Research, Share India

Petronet LNG: Buy in $214 for a target price of $222 with a stop loss of $211

Ambuja Cement: Buy in $585 for a target price of $595 with a stop loss of $582

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint. We advise investors to consult with certified experts before making any investment decision.


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