Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell ahead of RBI Monetary Policy | Stock Market News

Stock Market Today: The benchmark Nifty-50 index ended Wednesday’s range-bound trading session slightly lower at 23,696.30, down 0.18%. The S&P BSE Sensex, at 78,271.28, was down 0.4%. Nifty Bank, at 50,343.05, ended with gains of 0.37%. Metals and Oil and gas indices were other key gainers, though FMCG and realty stood under key losers. Broader indices continued to rebound, ending with gains of 0.7% to 1.85%.

Trade Setup for Thursday

For the Nifty -50 index, 23600 and 23500 would be the key support zones, while 23800 could act as crucial resistance areas for traders. However, traders below 23500 may prefer to exit their long positions, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

For Bank Nifty, support is placed near 50,000, while resistance for the index is placed around 50,600, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Q3 Results Today to RBI Monetary Policy

investors will watch out for the US Services PMI for January to be released later today and BOE’s interest rate decision tomorrow. We expect markets to remain range-bound with stock/sector specific action on the back Q3 earnings announcements as tomorrow will be a result-heavy day with several large-caps including Bharti Airtel, SBI, ITC, Trent, Brittania, BSE, Hero Motocorp, amongst others announcing numbers., said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services 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, suggested three stocks.

Sumeet Bagadia’s stock recommendations today

1] Apollo Hospitals Enterprise Ltd: Bagadia recommends buying Apollo Hospitals at ₹6944, keeping Stoploss at ₹6700 for a target price of ₹7430.

Apollo Hospitals is currently trading at ₹6,944, having recently rebounded from a key support zone. The stock has formed a strong bullish candlestick pattern and is on the verge of breaking out from a consolidation channel on a daily timeframe. A successful breakout would confirm the reversal pattern, supported by rising trading volumes indicating strong buying interest. In the short term, the stock appears poised to target ₹7,430.

2] eClerx Services Limited– Bagadia recommends buying eClerx Services at ₹ 3286.90, keeping Stoploss at ₹3172 for a target price of ₹3315.

eClerx Services Limited is currently trading at ₹3,286.90, showing a strong bullish reversal from its support zone. The stock has broken out of a falling trendline on the weekly timeframe, indicating upward momentum. If it sustains above the key resistance level of ₹3,323, it could provide a good entry point for long positions, with a potential target of ₹3,315. This breakout is supported by rising trading volumes, suggesting increased buying interest.

Ganesh Dongre’s stocks to buy today

3] The Ramco Cements Limited– Dongre recommends buying The Ramco Cements at ₹900, keeping a Stoploss at ₹884 for a target price of ₹925

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 ₹925. The stock is currently maintaining a crucial support level at ₹884. Given the current market price of ₹900, 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 ₹925.

4] Adani Ports and Special Economic Zone Ltd– Dongre recommends buying Adani Ports at ₹1145 keeping Stoploss at ₹1120 for a target price of ₹1177

We have seen a major support in this stock around Rs. 1120 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 1145 price level, which may continue its rally till its next resistance level of Rs. 1177 so traders can buy and hold this stock with a stop loss of Rs.1120 for the target price of Rs. 1177 in the upcoming weeks.

5] ITC: Dongre recommends buying ITC Ltd at ₹448, keeping Stoploss at ₹440 for a target price of ₹475

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. 475. Currently, the stock is holding a crucial support level at ₹440.

Given this scenario, there is potential for the stock to rebound towards the ₹475 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹440 to manage risk effectively. The target price for this trade is ₹475.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.