Stocks To Buy Today, Dec 12: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday

With prices getting more and more constricted between the 20-Day and 50-Day exponential moving averages (DEMA), the Nifty index continued to experience a turbulent trading period despite gaining stability close to its demand zone. The index closed at 25,898.55 on Thursday, up 140.55 points and close to a crucial turning point.

The index's next directional trend is probably going to be determined by a persistent move on either side of this range. With prices circling the 20-Day exponential moving average (DEMA), the Nifty Bank index continued its turbulent trading phase while remaining stable close to its demand zone.

Bank Nifty index rose 249.45 points on Thursday to close at 59,209.85, trading close to a crucial turning point where the next directional trend might be determined by a clear breakthrough on either side. As it continues its run of lower highs and is trapped below the immediate resistance at 59,500-converting earlier support levels into new supply zones-the benchmark has now failed to close above its previous day's high for four consecutive sessions.

Nifty Outlook Today

"From a technical perspective, the index has carved out a firm base but continues to face persistent resistance at higher levels, creating a tightening price structure that could eventually unleash a sharp move in either direction. Although support at the medium-term 50-DEMA remains intact, the overall price action remains indecisive. On the upside, the 26,000-26,100 zone stands out as a significant resistance pocket, aligning with the 20-DEMA," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"On the downside, 25,700 remains a crucial support and a decisive make-or-break level, bolstered by the 50-DMA and a prior gap-support region. This configuration clearly highlights a broad consolidation range, keeping the index entrenched in a non-directional and range-bound phase. Momentum indicators mirror this uncertainty. The 14-Day RSI continues to hover around the 50 mark, signalling a fading bullish impulse and muted buying strength-effectively placing the index in a "no-trade" zone. Immediate resistance is seen at 26,000, while 25,700 remains the key support threshold," he further added.

Bank Nifty Outlook Today

"From a technical standpoint, Nifty Bank continues to exhibit relative strength against the benchmark Nifty, yet price action remains indecisive as the index trades marginally above the vital support belt of 58,500-58,600. On the upside, the 59,500-59,700 region forms a dense resistance cluster, coinciding with the recent swing high. On the downside, 58,600 serves as the pivotal make-or-break level, aligning with the 50% Fibonacci retracement mark. This configuration suggests the index is undergoing a time-wise consolidation rather than a sharp corrective phase," Dhupesh Dhameja stated.

"As long as the index oscillates within this broader range, bouts of volatility and range-bound movement are expected to persist. Momentum indicators echo this indecisiveness. The 14-day RSI hovering around the 50 level signals waning bullish momentum and lacklustre buying conviction. Immediate resistance lies near 59,500, while 58,500 continues to act as a sturdy support floor," he further added.

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying 2 stocks on Friday, December 12, ahead of the UK GDP and India CPI reports.

Amber Enterprises

Buy | CMP: Rs 6,521.50 | SL: Rs 6,380 | Target: Rs 6,700 / Rs 6,850

Amber is stabilising after a mild dip and continues to hold strong above the key support region near Rs 6,380. Price action shows controlled selling and steady accumulation. Momentum indicators are flattening and beginning to turn upward, indicating potential recovery. A move above Rs 6,570 may push the stock toward Rs 6,700 and Rs 6,850. SL at Rs 6,380.

Redington

Buy | CMP: Rs 279.95 | SL: Rs 270 | Target: Rs 290 / Rs 298

Redington is showing sustained strength after holding firmly above its support zone near Rs 270. The stock is trending upward with bullish candles forming consecutively. RSI also remains comfortably positive, supporting further upside. A push above Rs 282 could extend the move toward Rs 290 and Rs 298. Keep SL at Rs 270.

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