These stocks are experiencing a strong technical setup; should you invest?

5paisa Research Team 22nd December 2022 - 02:32 pm

Although Nifty 50 opened higher as indicated by SGX Nifty, however, it turned its course southwards. In this article, we would be listing top stocks witnessing a strong technical setup even in gloomy markets.

As indicated by SGX Nifty, Nifty 50 opened higher at 18,288.8 as against its previous close of 18,199.1. This was a result of strong global cues. However, it turned its course soon to head lower near the day’s low of 18,106.6. Key Wall Street indices on Wednesday recorded their biggest daily gains in December so far.

In the month of December, consumer confidence in the US shot to 8-month high and inflation expectations are falling to its lowest since September 2021 at 6.7%. Nasdaq Composite gained 1.54%, Dow Jones Industrial Average climbed 1.6% and S&P 500 ascended 1.49%. On Thursday, Asian indices zoomed tracking the overnight jump on Wall Street.

At 12:20 p.m., Nifty 50 was trading at 18,110.85, down by 88.25 points or 0.48%. Broader market indices are underperforming frontline indices. Nifty Mid-Cap 100 index is down 1.17% and the Nifty Small-Cap 100 index lost 1.87%.

On BSE, the advance-decline ratio is negative with 2949 declining, 538 advancing and 83 remained unchanged. On the sectoral front, all the sectors traded in red with PSU banks, metals, realty and auto suffering the most.

According to the data as on December 21, FIIs were net sellers and DIIs were net buyers. Foreign Institutional Investors (FIIs) sold shares to the tune of Rs 1,119.11 crore. Domestic Institutional Investors (DIIs) bought shares worth Rs 1,757.37 crore.

Following is the list of stocks witnessing strong technical setups.

Stock Name	CMP (Rs)	Change (%)	Volume
IOL Chemicals and Pharmaceuticals Ltd.	404.7	1.2	44,04,560
Sun Pharmaceuticals Industries Ltd.	1,014.9	0.9	36,85,813
Infosys Ltd.	1,520.0	0.7	35,33,853
Strides Shasun Ltd.	373.1	1.8	24,77,281
Vijaya Diagnostic Centre Ltd.	483.7	1.1	28,18,335

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5paisa Research Team

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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