Indian benchmark indices ended higher after a volatile session on December 5, 2024. The BSE Sensex surged 809.53 points to close at 81,765.86, while the NSE Nifty50 gained 240.95 points to settle at 24,708.40. Several stocks, including Zomato, Hindustan Aeronautics Ltd (HAL), and Waaree Energies, attracted significant attention. Here’s what analysts say about trading these buzzing stocks.
Zomato (Range-Bound)
- Resistance Levels: ₹300-₹320
- Support Levels: ₹282 (critical)
- Current Trading Range: ₹245-₹299
Analysis: Zomato has been consolidating within a defined range over the past three months. Despite the sideways movement, the stock maintains a bullish undertone, supported by its consistent alignment above the 20, 50, 100, and 200 EMAs.
Key Breakout: A decisive move above ₹300 could trigger renewed bullish momentum with potential upside to ₹320. However, if the stock falls below ₹282, the bullish view will be invalidated.
Hindustan Aeronautics Ltd (HAL)
- Buy Zone: ₹4,450-₹4,550
- Target Price: ₹4,950-₹5,100
- Stop Loss: ₹4,200
Analysis: HAL recently broke out of a falling channel, signaling a potential trend reversal. The daily RSI has cleared the 60 mark, indicating fresh upward momentum.
Trading Strategy: Traders are advised to go long within the recommended buy zone, with a stop loss at ₹4,200 to manage downside risk. Sustained momentum could see the stock hitting its target range.
Waaree Energies
- Buy Zone: ₹2,800-₹2,830
- Target Price: ₹3,138-₹3,245
- Stop Loss: ₹2,600
Analysis: Despite limited trading history, the stock has shown signs of a breakout following its post-listing consolidation. Positive placement of momentum oscillators supports a strong bounce.
Trading Strategy: Buy within the range and watch for a breakout above key resistance levels. Use a stop loss of ₹2,600 to limit risks.
Maharashtra Seamless
- Buy Zone: Above ₹703
- Target Price: ₹813-₹835
- Stop Loss: ₹655
Analysis: The stock recently broke out of a double-bottom pattern with high volumes, indicating strong bullish sentiment. The RSI remains above its reference line, further validating the breakout.
Trading Strategy: Enter above ₹703 and target the projected range, using ₹655 as a safety net.
Indus Towers
- Buy Zone: Above ₹345
- Target Price: ₹364.5-₹391
- Stop Loss: ₹345
Analysis: Indus Towers is showing signs of a potential trend reversal after moving above its 50-day and 200-day EMAs. Volumes have surged, supporting the upward move.
Trading Strategy: A decisive move above ₹364.57 could open the door to higher levels, while a fall below ₹345 may invalidate the bullish view.
Conclusion
Buzzing stocks like Zomato, HAL, and Waaree Energies present lucrative trading opportunities with proper technical insights. Traders should adhere to stop-loss levels to mitigate risks and capitalize on potential breakouts.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
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