Stock Recommendations for January 24, 2025 by Vaishali Parekh: Three Stocks to Consider Buying or Selling
Stock Recommendations: Today’s stock market saw domestic equity benchmarks Sensex and Nifty 50 closing higher for the second consecutive session. This increase was primarily driven by IT, consumer durables, and commodity stocks, reflecting a positive trend in global markets. The optimism surrounding the rise in artificial intelligence (AI) spending in the US boosted IT stocks, while concerns about earnings moderation and US tariffs limited gains.
Despite a volatile trading day, the 30-share index rose by 115.39 points or 0.15 percent to settle at 76,520.38. The index initially opened on a negative note, dropping by 202 points to an intraday low of 76,202.12 before rebounding. It eventually climbed 338.55 points or 0.44 percent to reach a high of 76,743.54. The broader NSE Nifty also saw an increase, rising by 50 points or 0.22 percent to end at 23,205.35.
Both benchmarks experienced a slight decline at the opening bell before recovering, with IT stocks leading the charge with a 1.8 percent increase. The IT index has surged by four percent over the past two sessions following US President Donald Trump’s announcement of significant AI infrastructure projects and spending plans on Tuesday.
Small-cap and mid-cap stocks also saw gains of 1.1 percent and 1.9 percent, respectively, after enduring losses of four percent each in the previous two sessions. The market capitalization of BSE-listed companies increased by ₹2,75,359.24 crore to ₹4,24,63,686.80 crore, reflecting the positive sentiment in today’s trading session.
Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, provided insights on today’s stock market trends. She noted that Nifty experienced a slight pullback but managed to close above the 23,200 zone. The broader markets also showed signs of improvement, with further positive developments expected in upcoming sessions.
Regarding Bank Nifty, Parekh mentioned that it remained sluggish, staying near the 48,600 zone and trading within a narrow range for an extended period. She highlighted that Bank Nifty is facing resistance around 49,700 and has crucial support at the 48,000 levels.
Parekh recommended three intraday stocks for today: PCBL Chemical Ltd, Coal India, and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC). Investors may want to keep an eye on these stocks for potential trading opportunities.
Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, provided insights on the stock market today. She mentioned that Nifty experienced a slight pullback but managed to close above the 23,200 zone. The broader markets also showed signs of improvement, with further enhancements expected in the upcoming sessions.
Regarding Bank Nifty, Parekh noted that it remained sluggish, hovering around the 48,600 zone and trading within a narrow range for an extended period. The index faces resistance near 49,700 and has crucial support around 48,000 levels.
Parekh recommended three intraday stocks for today: PCBL Chemical Ltd, Coal India, and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
In terms of the outlook for Nifty 50, Parekh emphasized the importance of breaching the 23,350 and 23,500 levels to signal a potential rise in the coming days. She also mentioned that volatility is expected to remain high, and investors should keep an eye on select counters during the intraday session.
For Bank Nifty, Parekh highlighted the need to surpass the significant hurdle at 49,700 to confirm a directional move. The support for the day is at 23,000 levels, with resistance at 23,400 levels. The expected daily range for Bank Nifty is between 48,200-49,200 levels.
Parekh provided buy recommendations for three stocks:
1. PCBL Chemical Ltd: Buy at ₹378 with a target price of ₹405 and a stop loss of ₹363.
2. Coal India: Buy at ₹386 with a target price of ₹400 and a stop loss of ₹375.
3. GNFC: Buy at ₹562 with a target price of ₹575 and a stop loss of ₹550
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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.