Top Intraday Stock Picks for January 28, 2025 by Vaishali Parekh
Top Intraday Stock: Invest in stocks: The Indian stock markets experienced a significant drop of nearly 900 points on Monday, January 27, leading to a red close. The Nifty 50 index ended 1.14% lower at 22,829.15 points, down from 23,092.20 points at the previous market close.
Similarly, the BSE Sensex closed 1.08% lower at 75,366.17 points, compared to 76,190.46 points previously. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided insights on potential stocks to consider for the day.
Parekh noted that the Nifty 50’s losses below the 23,000 support zone have impacted the index’s bias. She advised market players to proceed with caution and predicted support at 22,700 points and resistance at 23,000 points for the Nifty 50 Spot index. The Bank Nifty index is expected to fluctuate between 47,600 and 48,500.
Parekh recommended three stocks for consideration on Tuesday: Axis Bank Ltd, Rainbow Children’s Medicare Ltd, and Indian Railway Catering and Tourism Corporation Ltd (IRCTC).
Regarding the market outlook, Parekh mentioned, “A gap down opening below the crucial 23,000 support zone has shifted the Nifty’s bias. A close near 22,800 has prompted caution among market players, with the index in a precarious position.”
She added, “The next significant support level is around 22,500, and for a positive shift in bias, the index must surpass 23,000 and demonstrate stability.” Investors should carefully monitor these developments in the stock market.
Bank Nifty revisited the previous low near the 47,900 level with a weak bias before gradually rising to close near the 48,100 zone. The overall sentiment remains cautious, with the index needing to surpass the 49,700 zone to confirm a trend. A drop below the 47,800 level could lead to increased selling pressure and further decline,” stated Parekh.
The Nifty 50 Spot has support at 22,700 points and resistance at 23,000 points for today. The Bank Nifty index is expected to trade within a range of 47,600 to 48,500.
Stock recommendations by Vaishali Parekh:
1. Axis Bank Ltd. (AXISBANK): Buy at ₹947; Target at ₹980; Stop Loss at ₹925.
2. Rainbow Childrens Medicare Ltd. (RAINBOW): Buy at ₹1,380; Target at ₹1,440; Stop Loss at ₹1,350.
3. Indian Railway Catering and Tourism Corporation Ltd. (IRCTC): Sell at ₹750; Target at ₹720; Stop Loss at ₹770.
These recommendations provide potential opportunities for investors to consider in their trading decisions.”
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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.