Stocks to buy on Tuesday, Dec 23: Tata Steel, Angel One, BEL, BSE, RVNL, ICICI Bank, Trent

Stocks To Buy On Tuesday, Dec 23: Shrikant Chauhan of Kotak Securities said that the market is stable and the breadth is very strong since the last 3-4 trading sessions. "We are also noticing a change in FII activity. Consistently, we are seeing positive numbers." "My view is the Nifty has headroom to move up but the approach should be stock specific. Overall, the trend is looking bullish in the near term," he said.

Harish Jujarey, AVP (Head - Technical Equity Research), Prithvi Finmart, said that the Nifty is displaying a strong set up as it has decisively crossed the resistance of 26,100. "The current strength could take Nifty higher. Nifty can reclaim the previous all-time high levels of 26,325. So any decline in Nifty should be seen as an opportunity to buy."

Nifty has immediate support placed at 26,100, followed by a strong support at 26,000. As long as Nifty holds 26,000, the view will remain positive and the index could move towards the previous all-time high levels, the analyst said.

Meanwhile, ET NOW Swadesh panelists and market experts have recommended several stocks to buy for short-term gains. The top picks include Tata Steel, Angel One, BEL, BSE, MCX, RVNL, ICICI Bank and Trent.

Shrikant Chauhan of Kotak Securities has recommended buying Tata Steel shares. Speaking to ET NOW Swadesh, the analyst said that metal stocks could remain in uptrend in the near term. My recommendation is to buy Tata Steel shares at current levels for a target of Rs 178 and Rs 181. Maintain stop loss at Rs 167.

Angel One Share Price Target

Shrikant Chauhan said that Angel One is looking strong on the technical front. Angel One's chart is showing a double bottom formation. We have already received clarity from the regulator as far as weekly expiry contracts are concerned. On an immediate basis, I don't see any threat to Angel One. My recommendation is to buy Angel One shares for a target price of Rs 2630. Maintain stop loss at Rs 2545.

Shrikant Chauhan has also recommended buying Bharat Electronics shares around the levels of Rs 398-399. In the next 1-2 sessions, the analyst said that BEL has potential to show move towards Rs 410, followed by Rs 418.

Shrikant Chauhan said that BSE is a wealth creator. After a sharp rally, my view on BSE is that it can be a market performer. The downside seems to be very limited in BSE. BSE is a positional buy. We may see a profit booking in the near term and the stock could fall up to Rs 2600, which is a strong base. On the higher side, my target price on BSE is Rs 3000 for the next few months.

Market analyst Nimesh Thakkar said that MCX could extend the current rally. The buying is accompanied by strong volumes. On the chart, MCX has given a fresh breakout and one can buy afresh. The momentum could take MCX towards Rs 12,000. A stop loss should be kept at Rs 10,300

Shrikant Chauhan said that RVNL has formed a double bottom pattern, indicating a possible recovery in the short to medium term. RVNL is looking attractive at current levels. The stock may move towards Rs 370–380, while Rs 310 is a strong support.

ICICI Bank Share Price Target

Swati Hotkar, AVP-Equity Technical Research, Nirmal Bang Securities, said that ICICI Bank is hovering around its 50-day moving average. ICICI Bank was consolidating in a tight range of Rs 1370 to Rs 1340. My view is the ICICI Bank has formed a strong base now it is ready to break this range on the higher side. ICICI Bank can lead the gains in the Nifty Bank. My target on ICICI Bank is Rs 1430-1440. Maintain stop loss at Rs 1340.

Swati Hotkar said that a positive crossover is seen in Trent. My belief is that the price correction in Trent has been completed. Trent has recovered from the levels of Rs 3,950 and it is now forming a base. The current pullback rally in Trent could continue in the near term towards the levels of Rs 466 to Rs 4700. Keep a stop loss at Rs 3950.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)