Mehta Equities’ stocks recommendation of the day By Riyank Arora On Tuesday, the benchmark faced a minor resistance at the 19,800 marks. The Nifty ended 89 points higher, while the Sensex was up by almost 275 points. Among sectors, almost all the major sectoral indices witnessed significant buying interest, whereas the Nifty IT and Nifty PSU Bank sectors witnessed some profit booking. Technically, after a gap up opening, the market moved in a range of 80 points between 19,750 and 19,830. Any move above 19,830 should trigger the next up-move and push the upside towards 19,875 and 20,000. Immediate support is looking to be around 19,750, below which the downside can extend towards 19,670 and 19,600. The stock has exhibited a robust breakout above the downtrend line, with buyers firmly holding the anchor VWAP zone. With the stock consistently forming higher highs and higher lows, it presents a compelling buying opportunity. Setting the ideal stop loss at the latest swing low of 170, the target is anticipated to be around 190. The stock has given a strong breakout above the resistance level of 970. According to daily and weekly charts, there is no overhead resistance in the stock until the 1050 levels. The stock’s positive and robust trend, characterized by higher highs and higher lows, remains intact. A surge in volumes is signalling positive momentum for the stock, indicating a favorable outlook. (Riyank Arora, Technical Analyst, Mehta Equities. Views expressed are author’s own. Please consult your financial advisor before investing.)
The India Meteorological Department informed that dense to very dense fog conditions are very likely to continue in many parts of Punjab, Haryana, Chandigarh, and Delhi during the night and morning hours for the next three days.
“Dense to very dense fog conditions very likely to continue during night/morning hours in many parts of Punjab, Haryana, Chandigarh, Delhi during Dec 28-29 and in some parts for subsequent 3 days. Dense to very dense fog conditions very likely to continue during night/morning hours in some parts of Uttar Pradesh during Dec 28-29 and Dense fog in isolated pockets for subsequent 3 days,” the weather office said in its five day bulletin.
2. Warren Buffett talked about his business partner Charlie Munger in his letter. He said they both think alike but what it takes Warren Buffett a page to explain, Charlie Munger sums up in a sentence. Charlie Munger’s version, moreover, is always more clearly reasoned.
The lesson for investors: “I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says,” Warren Buffett said.
3. Warren Buffett emphasised that his long-time business partner Charlie Munger and he are business pickers, not stock pickers. He further said that efficient markets exist only in textbooks.
“We own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business pickers,” Warren Buffett said.