Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Thursday — 16 January, 2025
- Stock Market Today: For the benchmark Nifty 50 Index 23260 would be the key level to watch out for and above the same market could bounce back till 23350-23400, said experts
Stock Market Today: Amidst volatility, the benchmark Nifty-50 index continued its winning spree for the second day, ending 0.16% higher at 23,213.20. The S&P BSE Sensex also ended with gains of 0.29% at 76,724.08. Among sectoral indices, while Bank Nifty ended slightly up at 48,751.70, the gains in the markets were supported by IT, Realty and energy, which were among the prominent gainers. Healthcare and Auto remained under pressure while broader markets saw slight gains of up to 0.5%
Trade Setup for Thursday
Technically, after a long correction, the market is witnessing range-bound activity for the last two days. On the higher side, 23260 would be the key level to watch out for Nifty and above the same market could bounce back till 23350-23400. On the other side, below 23130/76300, the selling pressure is likely to accelerate, said Shrikant Chouhan, Head of Equity Research, Kotak Securities:
Technically, Bank Nifty, on a daily scale, has indicated uncertainty. The index is below its 250-Day Simple Moving Average (250-DSMA) hurdle at around 49,900. On the downside, 47,900 levels will act as immediate support, said Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Ltd.
Global Markets to Q3 Results Today
"The domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short-term, limiting FED’s ability to cut rates. Also, a rise in oil prices & dollar appreciation is likely to affect domestic inflation in the near future, said Vinod Nair, Head of Research, Geojit Financial Services.
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 Wonder Electricals Ltd, Pearl Global Industries Limited, Tata Communications Ltd, ITC Ltd and Power Grid Corporation of India Ltd
Sumeet Bagadia's stock recommendations today
1.Wonder Electricals Ltd: Bagadia recommends buying Wonder Electricals at ₹176.59 keeping Stoplosss at ₹170 for a target price of ₹190
Wonder Electricals showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing ofaround ₹176.59. The stock has been experiencing robust buying interest and a consolidation breakout with strong volume, signalling bullish momentum and potential upside continuation.
2. Pearl Global Industries Limited- Bagadia recommends buying Pearl Global Industries at ₹1622.1, keeping Stoploss at ₹1555 for a target price of ₹1717
Pearl Global is presently trading at 1622.1 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action.
A robust support level is situated at 1555 levels. This confluence of support factors enhances the stock's stability and resilience.
Furthermore, PGIL is trading above all the important moving averages, underscoring its overall bullish posture and trend.
Ganesh Dongre's stocks to buy today
3. Tata Communications Ltd - Dongre recommends buying Tata Communications at ₹1675 keeping Stoploss at ₹1640 for a target price of ₹1730
A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs.1730. The stock is currently maintaining a crucial support level at Rs.1640. Given the current market price of Rs.1675, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.1730
4. ITC Ltd- Dongre recommends buying ITC at ₹436, keeping Stoploss at ₹425 for a target price of ₹450
We have seen a major support in this stock around Rs. 425 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 436 price level, which may continue its rally till its next resistance level of Rs. 450 so traders can buy and hold this stock with a stop loss of Rs.425 for the target price of Rs. 450 in the upcoming weeks.
5. Power Grid Corporation of India Ltd - Dongre recommends buying Power Grid Corporation at ₹298 keeong Stoploss at ₹292 for a target price of ₹310
A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around Rs. 310. Currently, the stock is holding a crucial support level at ₹292.
Given this scenario, the stock could rebound towards the Rs. 310 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹292, to manage risk effectively. The target price for this trade is Rs.310.
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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