Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Monday — 20 January 2025 | Stock Market News

Stock Markets Today: The market’s consolidation and correction phase continued during the week ended 17 January 2024, as the benchmark Nifty 50 index and S&P BSE index ended about 1.0% lower week over week at 23,203.20 and 76,619.33, respectively. Among Sectors, Utilities and Metals were the top outperformers, while Realty and IT were the top underperformers. Also, the broader markets and indices ended almost flat.

Trade Setup for Monday

The short-term trend of the Nifty remains weak amidst range movement. A decisive upside above 23400 could only open renewed buying enthusiasm in the market. Immediate support is placed at 23100, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

For Bank Nifty, 47,900 levels will provide immediate support for the index. However, the index maintained below its 250-Days Simple Moving Average (250-DSMA) hurdle, around 49,910 levels, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.

Global Markets to Q3 Results Today

Looking ahead, we anticipate the market to maintain a cautious tone next week due to several domestic and global factors. Key corporate earnings from heavyweights such as Hindustan Unilever, HDFC Bank, ICICI Bank, BPCL, and Hindustan Petroleum are slated for release and will be closely monitored. Additionally, the swearing-in of US President Donald Trump on January 20 is expected to draw significant attention, especially for any initial announcements on trade tariffs and their implications for global trade, said Ajit Mishra – SVP, Research, Religare Broking 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.

Sumeet Bagadia’s stock recommendations today

1.Steel Authority of India Ltd (SAIL)– Bagadia recommends buying Steel Authority of India (SAIL) at ₹108.82 keeping stoploss at ₹105 for a target price of ₹117

SAIL is currently trading at ₹108.82, exhibiting a upward trajectory. The stock has reversed from lower levels, regaining bullish momentum. Notably, it has closed above the 200-day EMA, forming a bullish hammer candlestick pattern on the weekly timeframe, which reinforces a positive trend. Additionally, the stock is approaching its 20-day and 50-day EMAs, and a close above these levels would likely sustain the ongoing bullish momentum. The recent breakout above the key resistance level of ₹111 highlights the potential for further appreciation. If the current trend persists and additional resistance levels are surpassed, SAIL could target ₹117 soon. On the downside, immediate support is at ₹107

2. SJVN Ltd- Bagadia recommends buying SJVN at ₹100.76 keeping Stoploss at ₹97 for a target price of ₹108

SJVN is currently trading at ₹100.76, showing a strong upward trajectory. The stock has reversed from lower levels, regaining bullish momentum. A bullish candlestick pattern has formed on the weekly timeframe, reinforcing the positive trend. The stock is approaching its 20-day and 50-day EMAs, and a close above these levels is likely to sustain the ongoing bullish momentum.

Ganesh Dongre’s stocks to buy today

3.Jubilant FoodWorks Ltd – Dongre recommends buying Jubilant FoodWorks at ₹693, keeping Stoploss at ₹680 for a target price of ₹720

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.720. At present, the stock is maintaining a crucial support level at Rs.680. Given the current market price of Rs.693, 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.720

4. Godrej Properties Ltd– Dongre recommends buying Godrej Properties at ₹2410 keeping Stoploss at ₹2370 for a target price of ₹2470.

We have seen a major support in this stock around ₹2370 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹2410 price level, which may continue its rally till its next resistance level of ₹2475 so traders can buy and hold this stock with a stop loss of ₹2370 for the target price of ₹2475 in the upcoming weeks.

5. Pidilite Industries Ltd – Dongre  recommends buying Pidilite Industries at Around ₹2815 keeping Stoploss at ₹2760 for a target price of ₹2870

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹2870. Currently, the stock is holding a crucial support level at ₹2760.

Given this scenario, there is potential for the stock to rebound towards the ₹2870 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹2760 to manage risk effectively. The target price for this trade is ₹2870.

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.