Stocks To Buy Today, Dec 19: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

In a tumultuous session on December 18, Indian benchmark indices ended the day flat. The Sensex fell 77.84 points (0.09%) to 84,481.81, while the Nifty was just slightly down by 3 points (0.01%) at 25,815.55. With the midcap index climbing 0.34% and the small-cap index rising 0.13%, broader markets did better. Investor attention now turns to the Bank of Japan's policy announcement, which is scheduled for December 19.

Markets are also taking into account global macro data, FII flows, INR/USD movement. With the India VIX falling 1.32 percent to 9.70, volatility remained low, indicating complacency and predictions of further range-bound trading in the near future.

Nifty Outlook Today

"From a technical perspective, the Nifty has managed to hold the crucial support near the previous swing low around 25,700, which remains a key level to monitor in the coming session, as a breakdown could lead to further correction. On the upside, the short-term moving average, the 20-DEMA, continues to act as an immediate hurdle around 25,950, and a sustained move above this level will be essential for the next leg of the up move. Given the prevailing choppiness and absence of strong triggers, stock-specific trading approach remains advisable, with an emphasis on disciplined risk management and controlled position sizing," commented Ajit Mishra - SVP, Research, Religare Broking Ltd.

Bank Nifty Outlook Today

"Technically, on the daily chart, Bank Nifty formed a red candle, indicating weakness. On the downside, 58,800-58,900 will act as an immediate support zone for Bank Nifty, and a firm break below 58,800 could extend the weakness towards the 58,500-58,000 levels. On the upside, 60,000-60,120 will act as a stiff resistance zone for the index. Therefore, short-term traders are advised to book profits on every bounce.", according to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

Stocks To Buy Today

As investors await the start of the Bank of Japan's two-day meeting, technical analyst Riyank Arora of Mehta Equities Ltd. suggested purchasing two stocks on Friday, December 19. The central bank is anticipated to hike interest rates from 0.5% to 0.75% on Friday.

Manappuram Finance

Buy | CMP: Rs 287.05 | SL: Rs 275 | Target: Rs 300 / Rs 312

Manappuram Finance is holding firm above its support zone near ₹275, indicating accumulation on dips. The stock structure remains positive with RSI holding in the bullish range. A breakout above ₹290 can accelerate momentum and open the path toward ₹300 and ₹312. Traders can consider long positions with a stop-loss at ₹275.

Glenmark Pharma

Buy | CMP: Rs 1,957.10 | SL: Rs 1,900 | Target: Rs 2,020 / Rs 2,080

Glenmark is maintaining a strong upward structure with consistent buying at lower levels. The stock is trading above its key moving averages, while RSI continues to show positive momentum. A sustained move above ₹1,980 can lead to a rally toward ₹2,020 and ₹2,080. Maintain SL at ₹1,900.

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