Technical Picks: Nagaraj Shetti of HDFC Securities suggests these two stocks to buy this week | Stock Market News
Source: Live Mint
Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a positive opening on Monday ahead of the oath ceremony of the new US President, Donald Trump. At 14:11 IST, the Nifty 50 had was up 0.60%, settling at 23,341.70 points, while the Sensex jumped by 0.70%, reaching 77,154.37.
Experts indicated that the market’s movements would likely reflect reactions to Trump’s swearing-in speech and his first executive order, which are expected to establish the policy direction for his administration during the upcoming term. This anticipation has led to cautious trading as investors remain attentive to potential changes in economic policies that could impact markets both domestically and internationally.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that global stock markets are likely to adopt a wait-and-watch approach as the developments of “Trump 2.0” unfold today. The expectation is that many executive actions will be initiated by the President on issues like immigration from the very first day. Investors will be keen to observe the nature of these decisions and their potential impacts on the market.
Vijayakumar also mentioned that Trump recently had a “very good” phone call with Chinese President Xi Jinping, suggesting a positive outcome. This signals that Trump may take a more cautious approach regarding tariffs initially, opting for negotiation rather than immediate escalation.
Additionally, a busy week filled with Q3 earnings results is expected, and the market’s response will likely hinge not just on the reported numbers but also on the overall outlook and commentary from company management. This combination of political and corporate updates is anticipated to shape market sentiment in the coming days.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
After showing weakness with range bound action on Friday, Nifty 50 is in an intraday upside bounce so far on Monday. The overall short-term chart pattern is indicating positive bias with range bound action. Positive chart pattern like higher top and higher bottom has started to form and Friday’s swing low could be considered as a new higher bottom of the pattern. Hence, a gradual upmove towards 23,400 is expected in the short term. A decisive upmove above this hurdle could possibly open sharp upside ahead. Immediate support is at 23,100.
Technical Picks: Stocks to buy in the near-term
1. Buy Saregama India Ltd at 545.50, Target 575, Stoploss 525, Timeframe 1 week.
2. Buy Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) at 561.50, Target 592, Stoploss 540.50, Timeframe 1 week.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
