Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Friday — 17 January 2025
- Stock Market Today: Nifty 50 index now faces immediate resistance at 23460, with potential for further upside toward its 200-day EMA (exponential moving average) at 23,680. The support level has moved higher to 23150, as per experts
Stock Market Today: Markets, though rangebound, ended on a positive note, with the benchmark Nifty 50 index and S&P BSE Sensex gaining 0.42% each and ending at 23,311.80 and 77,042.82, respectively. The Bank Nifty, at 49,278.70, was also up 1.08%. Among other sectors, while metals and energy showed a decent recovery, the FMCG and pharma sectors, on the other hand, closed lower. Broader indices outperformed, registering gains ranging from 1.1-1.8%.
Trade Setup for Friday
The Nifty 50 index now faces immediate resistance at 23460, with potential for further upside toward its 200-day EMA (exponential moving average) at 23,680. The support level has moved higher to 23150, as per Devarsh Vakil, Head - Prime Research, HDFC Securities
The Bank Nifty index had a hurdle at around 49,900, and on the downside, support stood at 47,900, as per Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Ltd.
Global Markets to Q3 Results Today
Markets will react to the Q3 Results and earnings report of major index constituents such as Reliance Industries, Infosys, and Axis Bank in early trades on Friday. While recent index movements have lacked clear direction, the resilience of the banking sector, which carries significant weight, is a positive sign. Amid these mixed signals, participants should prioritize selective stock picking and robust risk management strategies, said Ajit Mishra – SVP, Research, Religare Broking Ltd
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stocks.
These Include TCPL Packaging Ltd, Ganesh Housing Corporation Ltd, Godrej Properties Ltd, Aditya Birla Fashion and Retail Ltd and Grasim Industries Ltd
Sumeet Bagadia's stock recommendations today
- TCPL Packaging Ltd- Bagadia recommends buying TCPL Packaging at ₹3531.45 keeping Stoploss at ₹3400 for a target price of ₹3750
TCPL Packaging is currently trading at ₹3531.45. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹3400 and is rising quickly on the upside with substantial volume and a consolidation breakout with strong volume, signalling bullish momentum and potential upside continuation. There are expectations of further upward movement, potentially reaching ₹3750 levels. On the downside, substantial support is evident near ₹3400.
2. Ganesh Housing Corporation Ltd- Bagadia recommends buying Ganesh Housing at ₹1313 keeping Stoploss at ₹1265 for a target price of ₹1400.
Ganesh Housing is currently trading at 1313, exhibiting a strong uptrend supported by recent bullish candlestick patterns. The stock appears to have broken out of a consolidation phase, with the price moving decisively above previous resistance levels. Currently, it is testing its all-time high of 1366.75, indicating significant upward momentum. Additionally, the stock has bounced back from its 50-day EMA, reinforcing the bullish outlook. If GANESHHOUC manages to close above the critical resistance level of 1335, it could potentially target 1400 in the short term, signaling further strength and investor confidence in the stock's performance.
Ganesh Dongre's stocks to buy today
3. Godrej Properties Ltd- Dongre recommends buying Godrej Properties at Rs.2365, with a target of Rs.2460 and a stop loss at Rs.2310.
The presence of a bullish reversal pattern indicates a potential short-term uptrend, with the stock likely experiencing a retracement to Rs.2460. The key support at Rs.2310 provides a solid level to manage risk if the stock doesn't move in the anticipated direction.
4. Aditya Birla Fashion and Retail Ltd- Dongre recommends buying Aditya Birla Fashion and Retail at ₹276 keeping Stoploss art ₹ 270 for a target price of ₹289
The recent analysis of the stock highlights a notable bullish reversal pattern, indicating the possibility of a temporary retracement toward Rs. 289. Currently, the stock is maintaining a crucial support level at Rs. 270, which serves as a solid foundation for a potential rebound.
This technical setup suggests a favorable opportunity for traders to consider taking a long position. By setting a strategic stop loss at Rs. 270, traders can effectively manage downside risk while targeting a potential upside to Rs. 289. This scenario presents an attractive risk-reward ratio, aligning with the bullish outlook in the short term.
5. Grasim Industries Ltd - Dongre recommends buying Grasim at ₹2359 keeping Stoploss at ₹2320 for a target price of ₹2420
On the daily chart, the stock has exhibited a bullish reversal pattern around the 2359 zone. This level previously acted as a breakout point in the last quarter, reinforcing its significance. A short-term bullish engulfing pattern has formed at the same level, signaling a positive outlook. Traders may consider buying this stock with a stop-loss at 2320 and target a price range of 2420.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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