Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Wednesday— 22 January 2025 | Stock Market News

Stock Market Today: The markets ended a volatile trading session on Tuesday with deep cuts as the benchmark Nifty-50 Index ended 1.37% lower at 23,024.65, while Sensex ended 1.6% lower at 75,838.36. Bank Nifty lost 1.58% to close at 48,570.90 as selling pressure persisted across sectors with realty, energy, and auto being among other prominent losers. The broader indices also shed over 2%.

Trade Setup for Wednesday

Nifty has been consolidating in the range of 23100 – 23500 since the last six trading sessions, but it has been decisively broken on the downside. The nifty is likely to drift towards 22670, which is the 38.2% Fibonacci retracement level of the rise from March 2023’s low of 16828 to the high of 26277 in September 2024, said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan. On the upside, 23280 – 23320 is the immediate hurdle zone, as per Gedia.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, said that for Bank Nifty, 48,680 levels will provide immediate support, while 49,920 will serve as resistance.

Global Markets to Q3 Results Today

With heightened volatility, domestic markets experienced a significant decline today, followed by Trump’s announcement of trade tariffs on neighbouring countries on his inauguration day, adding uncertainty to global markets. The weak recovery in the ongoing Q3 earnings and a depreciating INR will likely prompt further outflows from FIIs, as per Vinod Nair, Head of Research, Geojit Financial Services. Additionally, he added that BoJ’s expectation of an interest rate hike is dampening market sentiment.

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, suggested three stocks.

Sumeet Bagadia’s stock recommendations today

1. Hindustan Petroleum Corporation Ltd (HPCL)- Bagadia recommends buying HPCL at Rs 369.95 keeping a Stoploss at ₹357 for a target price of ₹396

HPCL is currently trading at ₹369.95, having recently rebounded from a key support zone. The stock has formed a bullish piercing candlestick pattern on the weekly timeframe and is on the verge of breaking out from a falling trendline channel on the daily timeframe. A breakout from this channel would strengthen the reversal pattern further. This potential breakout is supported by a notable increase in trading volumes, signaling strong buying interest from investors. In the short term, the stock appears poised to target ₹396.

2. AAVAS Financiers Ltd – Bagadia recommends buying AAVAS Financiers at ₹1700 keeping Stoploss at ₹1641 for a target price of ₹1819

AAVAS is currently trading at ₹1,700 and is on the cusp of breaking out from a consolidation range on the daily chart. A significant increase in trading volumes supports this potential breakout, further reinforcing the bullish outlook. If the stock sustains above the critical level of ₹1,720, it could potentially rally toward the target of ₹1,819.

Ganesh Dongre’s stocks to buy today

3. Apollo Hospitals Enterprise Ltd– Dongre recommends buying Apollo Hospitals at ₹6920, keeping Stoploss at ₹6780 for a target of ₹ 7200

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.7200. Currently, the stock is maintaining a crucial support level at Rs.6780 Given the current market price of Rs.6920, 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.7200

4. Poonawalla Fincorp Ltd– Dongre recommends buying Poonawalla Fincorp at ₹324 keeping Stoploss at ₹310 for a target price of ₹345

We have seen a major support in this stock around Rs. 310 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 324 price level, which may continue its rally till its next resistance level of Rs. 345 so traders can buy and hold this stock with a stop loss of Rs.310 for the target price of Rs. 345 in the upcoming weeks.

5. Marico Ltd– Dongre recommends buying Marico at ₹665 keeping Stoploss at ₹650 for a target price of ₹685

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 685. Currently, the stock is holding a crucial support level at ₹650.Given this scenario, there is potential for the stock to rebound towards the Rs.685 level in the near future. Traders are advised to  consider taking a long position, with a strategic stop loss set at ₹650 to manage risk effectively. The target price for this trade is ₹685.

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.