Stock Market Update: 5 Stocks to Consider Buying or Selling on Jan 28th, 2025. Nifty 50 Trade Setup and Q3 Results Analysis for Today
Stock Market Update: The stock market experienced a significant downturn on the first day of the new week, with the benchmark Nifty-50 Index and S&P BSE Sensex closing at 22,817.90 and 22,817.9, respectively, marking a decrease of 1.19% and 1.08%. The Nifty Bank index also ended 0.62% lower at 48,064.65, with most sectors such as IT, metals, and Pharma finishing in the red. The broader markets also saw corrections of up to 4%.
Looking ahead to Tuesday’s trading session, market analysts are cautious about the current market conditions. Shrikant Chouhan, Head of Equity Research at Kotak Securities, emphasized that the Nifty and Sensex levels of 23,000 and 76300, respectively, will be crucial to monitor. If they continue to trade below these levels, the weak sentiment is likely to persist.
On the other hand, Bank Nifty found support near the recent swing low of 47,900. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, suggested that sustaining above this level could lead to a potential rally towards 49,000. Investors should remain vigilant and closely monitor these key levels in the coming trading sessions.
Global Markets, Q3 Results Today, and Budget 2025
The upcoming two-day U.S. FOMC meeting scheduled for January 28-29 is heightening investors’ anxiety. With global market volatility and uncertainty surrounding Trump’s trade policies, Indian equities are likely to face continued pressure. Investors will be closely monitoring the upcoming Q3 results, the Federal Reserve’s stance, and India’s Budget announcements during this 6-day trading week for guidance, according to Siddhartha Khemka, Head of Research at Wealth Management, Motilal Oswal Financial Services Ltd.
Stock Recommendations for Today
Sumeet Bagadia, Executive Director at Choice Broking, has suggested two stock picks for today, while Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has recommended three stocks.
Sumeet Bagadia’s Stock Recommendations for Today
1. Blue Dart Express Ltd
Bagadia recommends buying Blue Dart at ₹6,593.3, with a stop loss at ₹6,362 and a target price of ₹7,055. Blue Dart is currently trading at ₹6,593.3, having recently bounced back from a key support level. The stock has broken out of a short-term consolidation range, showing upward momentum. This breakout is supported by increased trading volumes, indicating growing investor interest. A sustained move above the critical resistance level of ₹6,800 could provide an attractive entry point for long positions, with a potential target of ₹7,055.
2. Action Construction Equipment Ltd (ACE)
Bagadia suggests buying ACE at ₹1,246.4, with a stop loss at ₹1,203 and a target price of ₹1,334.
ACE is currently trading at ₹1,246.40, showing a strong upward trend. The stock has been consolidating since April on a weekly basis, but has recently bounced back from lower levels, indicating a bullish momentum. Approaching the 20-day EMA, a close above this level could sustain the bullish trend. Bullish candles forming on the daily chart further support a positive outlook. The recent breakout above the key resistance level of ₹1,221 suggests potential for further gains, with a possible target of ₹1,334 in the near future.
Ganesh Dongre’s stock recommendations for today are as follows:
3. Mahindra & Mahindra (M&M)
Dongre suggests buying M&M at ₹2830, with a stop loss at ₹2780 and a target price of ₹2900. A bullish reversal pattern has emerged in the short-term trend analysis, indicating a potential retracement towards the target price. With the stock currently holding a support level of ₹2780, buying at the current price of ₹2830 could lead to a rise towards the target of ₹2900.
4. Larsen & Toubro Ltd (LT)
Dongre recommends buying L&T at ₹3470, with a stop loss at ₹3425 and a target price of ₹3545. Significant support has been seen around ₹3425, with a recent reversal pattern forming at ₹3470. The stock may continue its rally towards the next resistance level of ₹3545, making it a good opportunity for traders to buy and hold with a stop loss at ₹3425 for a target price of ₹3545 in the coming weeks.
5. InterGlobe Aviation Ltd (INDIGO)
Dongre is recommending buying InterGlobe Aviation Ltd (INDIGO) at ₹4175, with a stop loss at ₹4120 and a target price of ₹4250.
A bullish reversal pattern has recently appeared in the stock’s short-term trend analysis, indicating a potential temporary retracement to around ₹4250. The stock is currently maintaining a crucial support level at ₹4120.
Given this analysis, there is a possibility for the stock to rebound towards the ₹4250 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹4120 to effectively manage risk. The target price for this trade is ₹4250.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.