Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Tuesday — January 21, 2025
- Stock Market today: For the benchmark Nifty-50 index 23,170 will act as a key support zone for day traders. If it sustains above this level, it could bounce back to 23,450-23,500, experts said.
Stock Market Today: Consolidation in the markets continues with benchmark Nifty-50 index marking some rebound of 0.61% to end at 23,344.75. S&P BSE Sensex also gained 0.59% to end at 77,073.44. While Bank Nifty ended 1.47% higher at 49,350.80 gains for the markets were supported by metals and most other segments. Auto and FMCG sectors, however, ended lower. Broader indices also performed well, recording gains between 0.8-1%.
Trade Setup for Tuesday
For the benchmark Nifty-50 index, 23,170 will act as a key support zone for day traders. If it sustains above this level, it could bounce back to 23,450-23,500, said Shrikant Chouhan, Head Equity Research, Kotak Securities. However, if it falls below 23,170, an uptrend would be vulnerable, added Chouhan
Global Markets to Q3 Results Today
We expect market to trade within a broad range and stock/sector specific action to continue as the Q3 result season is picking up pace. Some of the key results to watch out tomorrow will be ICICI Prudential, KEI Industries, Tata Tech, PNB Housing, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services 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 Stove Kraft, Tanfac Industries, PB Fintech (Policy Bazaar), Canara Bank and Indus Towers.
Sumeet Bagadia's stock recommendations today
1. Stove Kraft Ltd - Bagadia recommends buying Stove Kraft at ₹937.25 keeping stoploss at ₹900 for a target price of ₹1,000.
Stove Kraft is currently trading at 937.25, exhibiting an uptrend characterized by the formation of a "Cup and Handle" pattern, which suggests a continuation of bullish momentum. The stock is consistently making higher-highs and higher-lows, indicating a strong upward trajectory. Additionally, it has recently broken above a key resistance level. The stock is trading above the 20-day and 50-day Exponential Moving Averages (EMA), which reinforces the bullish trend and confirms positive price action. If Stove Kraft surpasses the resistance level of ₹945, it is positioned to reach a short-term target of ₹1,000.
2. Tanfac Industries Ltd- Bagadia recommends buying Tanfac Industries at ₹3,283.55 keeping a stoploss at ₹3,170 for a target price of ₹3,500
Tanfac Industries is currently trading at ₹3,283.55, exhibiting a bullish trend, as evidenced by the consistent formation of higher-highs and higher-lows. The chart shows a bullish continuation pattern, with a recent breakout above the key resistance level of ₹3,150. This breakout is accompanied by significant volume, indicating strong buying interest. The stock recently reached an all-time high of ₹3316.5. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are trending upwards, further supporting the bullish outlook. The price is trading above all major EMAs, reinforcing positive sentiment. If the stock manages to break its resistance level of ₹3,350, it could reach a short-term target of ₹3,500.
Ganesh Dongre's stocks to buy today
3. PB Fintech Ltd (Policy Bazaar) - Dongre recommends buying PB Fintech at ₹1,749, with a stoploss of ₹1,700 and target of ₹1,800.
The recent analysis of the stock highlights a notable bullish reversal pattern, indicating the possibility of a temporary retracement toward Rs. 1,800. Currently, the stock is maintaining a crucial support level at Rs. 1,700, which serves as a solid foundation for a potential rebound.
This technical setup suggests a favourable opportunity for traders to consider taking a long position. By setting a strategic stop loss at Rs. 1,700, traders can effectively manage downside risk while targeting a potential upside to Rs. 1,800. This scenario presents an attractive risk-reward ratio, aligning with the bullish outlook in the short term.
4. Canara Bank Ltd- Dongre recommends buying Canara Bank at ₹101 keeping the stoploss at ₹98 for a target price of ₹107.
The stock has exhibited a bullish reversal pattern around the 101 zone on the daily chart. This level previously acted as a breakout point reinforcing its significance. A short-term bullish engulfing pattern has formed at the same level, signalling a positive outlook. Traders may consider buying this stock with a stop-loss at 98 and target a price range of 107
5. Indus Towers Ltd- Dongre recommends buying Indus Towers Ltd at ₹Rs.375, with a target of Rs.390 and a stop loss at Rs.365.
A bullish reversal pattern indicates a potential short-term uptrend, with the stock likely experiencing a retracement to Rs.390. The key support at Rs.365 provides a solid level to manage risk if the stock doesn't move in the anticipated direction.
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 making any investment decisions.
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