Introduction:
Interesting movements and potential opportunities in the stock market during the second week of December 2024 came to our attention. We analyzed six stocks during this period, and each had its unique insights and growth potential. In this article, we will go through the stocks in detail, focusing on their current levels, technical patterns, and possible future movements. This analysis will give you an all-rounded view so that you make informed decisions.
Disclaimer:
All information in this blog post is meant for informational purposes and in no way constitutes financial advice. Investing in the stock market is always subject to risk. The reader is asked to seek his or her own information or consult a certified financial advisor before making any decisions to invest. The analysis presented here is based on our Telegram Channel @SankalpStockTalks weekly share report and is as of December First Week 2024.
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1. Premier Energies (Given Price: ₹1245, CMP: ₹1294)
Performance Overview:
Premier Energies has moved up by 3.94% in price since it was recommended on December 8, 2024. The stock reached an all-time high of ₹1294 and is active for upside.
Technical Analysis:
- Support Levels: ₹1245
- Resistance Levels: ₹1600, ₹1740
Outlook:
The stock is experiencing a gradual upward movement; it is breaking past various key levels. If momentum in the market continues in this way, it is going to test resistance zones around ₹1600 and ₹1740 in upcoming weeks. Investors should monitor this stock for potential entry points in case of a retracement.
Future Growth Potential:
With a long-term perspective based on renewables, Premier Energies certainly seems well-set for greater growth. High demand on sustainable sources for energy automatically makes the company a compelling long-term buy.
2. Olectra Greentech (Given Price: ₹1510, CMP: ₹1587)
Performance Overview:
Olectra Greentech is +5.09% since December 9, 2024. Though ₹1587 portrays uptrend momentum, retracement is overdue.
Technical Analysis:
- Retracement Levels: ₹1480-₹1510
- Resistance Levels: ₹1630, ₹1744, ₹1865, ₹2180
Outlook:
A fall towards the level of ₹1480-₹1510 would be expected for which one should wait. From the said range stock should take off upward from there.At those levels, it might rally substantially towards ₹1744 and further.
Future Growth Potential:
Olectra Greentech, being an electric bus and green technology company, can benefit from the increased push for electric vehicles. The governmental policies and supports for adopting electric vehicles have augmented its growth potential.
3. KPIT Technologies (Given Price: ₹1510, CMP: ₹1533)
Performance Overview:
KPIT Technologies has gained 1.52% since December 10, 2024. It is still active and may rally more in the coming days.
Technical Analysis:
- Resistance Levels: ₹1573, ₹1715, ₹1857
Outlook:
The stock is moving in a consistent upward trend. If it crosses ₹1573, it can rally towards ₹1715 and ₹1857. Hence, it is a good stock to monitor in the next few weeks.
Future Growth Potential:
KPIT Technologies specializes in automotive software solutions. When the industry gets more into automating things and electric mobility, its knowledge will drive it forward.
4. Trident (Given Price: ₹36.5, CMP: ₹36.57)
Performance Overview:
Trident has gone negligible, up by a tiny 0.19 per cent since December 11, 2024. The stock has otherwise moved rather inertly but can have its chances of good returns sometime in the future.
Technical Analysis:
- Resistance Levels: ₹39.27, ₹43.7, ₹47.3
Outlook:
The stock is consolidation at present. Any rally above ₹39.27 indicates the start of an upward leg. The investor needs to look for a buy close to the present levels.
Future Growth Potential:
Trident is famous for producing textile and paper products. The business model is strong with a focus on quality and innovation, ensuring the stability and growth of this business in the long term.
5. Cummins India Ltd. (Given Price: ₹3550, CMP: ₹3600)
Performance Overview:
Cummins India Ltd. has given 1.41% since December 13, 2024. Stock is showing good momentum.
Technical Analysis:
- Resistance Levels: ₹3850, ₹4156, ₹4447
Outlook:
The stock is in an up trend. In case it breaks above ₹3850, it could test the levels of ₹4156 and ₹4447. Pullback towards those levels is worth watching out for some entry opportunities.
Future Growth Potential:
Cummins India is another leader in the market, mainly benefiting from increased demand for power generation and industrial engines. Its solidity makes it a very reliable investment.
6. Manappuram Finance (Given Price: ₹175, CMP: ₹182)
Performance Overview:
Manappuram Finance gained 4% from December 14, 2024. However, a retraction to ₹170-₹180 is anticipated before the next movement.
Technical Analysis:
- Retracement Levels: ₹170-₹180
- Resistance Levels: ₹203, ₹235, ₹267, ₹350
Outlook:
The stock is possibly retrace to the range of ₹170-₹180. After that, it can rebound and reach ₹203 and further levels. The investors need to observe carefully for the buy signal.
Future Growth Potential:
Manappuram Finance is a major player in gold loan financing and enjoys the cultural affinity for gold in India. Its strong customer base and consistent dividend payouts make it a good investment choice.
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Key Takeaways from the Week
This week’s analysis focuses on some opportunities in the sectors of renewable energy, EVs, technology, textiles, engines, and finance. Each stock holds unique potential, and retracements offer excellent entry points. Always keep an eye out for pullbacks and consult with your financial advisor before investing.
Good analysis
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