Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Friday — 24 January 2025 | Stock Market News

Stock Market Today: The benchmark Nifty 50 index, continuing its consolidation on Thursday, added 0.22% to its previous day’s gains, ending at 23,205.35. S&P BSE Sensex also ended 0.15% higher at 76,520.38.  However, Bank Nifty ended 0.28% lower at 48,589.00, as did the oil & gas index. Nevertheless, Markets were supported by gains in Pharma, IT and Auto.  Broader indices also rebounded 1-2%

Trade Setup for Friday

The Level of 22976 appears to have established itself as a strong support for Nifty in the short term, while the range of 23400-23500 could pose as resistance, said Devarsh Vakil, Head – Prime Research, HDFC Securities

The Bank index is likely to find support around 48,000. If the index holds above 48,000, a pullback rally towards 49,500-50,000 could be possible, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.

Global Markets to Q3 Results Today

Bank of Japan’s monetary policy tomorrow will be a key event to watch out for amidst expectations of a 25bps interest rate hike. We expect markets to continue trading in a broader range with stock/sector-specific action driven by the outcome of quarterly results, said Siddhartha Khemka, Head – of Research, Wealth Management, Motilal Oswal Financial Services Ltd. Key result announcements tomorrow include JSW Steel, Indigo, and Godrej Consumer, amongst others.

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] Sun Pharmaceuticals Industries Ltd-  Bagadia recommends buying Sun Pharma at ₹1833.60, keeping a stop loss at ₹1769 for a target price of ₹1962

Sun Pharma is currently trading at 1833.60 and has shown a strong reversal from levels near the 200-day Exponential Moving Average (EMA), successfully crossing all its key EMA levels. Additionally, the stock recently breached a critical resistance level at 1800, reinforcing its bullish trajectory. The price now trades above the 20-day and 50-day EMAs, further strengthening the bullish sentiment and confirming the ongoing upward trend. If SUNPHARMA manages to break above its next resistance level at 1865, it has the potential to achieve a short-term target of 1962.

2] Birlasoft Ltd–  Bagadia recommends buying Birlasoft at ₹554.9, keeping Stoploss at ₹535 for a target price of ₹594

Birlasoft is currently trading at ₹554.9, having recently rebounded from a key support zone. The stock has broken out of a falling trendline channel on the daily timeframe, signalling a potential bullish reversal. Additionally, BSOFT is trading above its 20-day Exponential Moving Average (EMA) and is approaching its 50-day and 200-day EMAs. A closing above these moving averages would further strengthen the positive trend. If the stock sustains above the critical resistance level of ₹585, it could present a more favorable entry point for long positions

Ganesh Dongre’s stocks to buy today

3] Aditya Birla Capital Ltd: Dongre recommends buying Aditya Birla Capital at ₹174, keeping Stoploss at ₹170 for a target price of Rsb182

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.182. Currently, the stock is maintaining a crucial support level at ₹170. Given the current market price of Rs.174, 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.182

4. Mahanagar Gas Ltd- Dongre recommends buying Mahanagar Gas at ₹1313, keeping Stoploss at ₹1280 for  a target price of ₹1345

We have seen a major support in this stock around Rs. 1280 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 1313 price level, which may continue its rally till its next resistance level of Rs. 1345 so traders can buy and hold this stock with a stop loss of Rs.1280 for the target price of Rs. 1345 in the upcoming weeks.

5. Supreme Industries Ltd– Dongre recommends buying Supreme Industries at ₹3968 keeping Stoploss at ₹3900 for a target price of ₹4050

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. 4050. Currently, the stock is holding a crucial support level at ₹3900.

Given this scenario, there is potential for the stock to rebound towards the Rs.4050 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹3900 to manage risk effectively. The target price for this trade is Rs.4050

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.