Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Thursday — 2 January 2025 | Stock Market News
Source: Live Mint
Stock Market Today: The first trading session of the new year 2025 ended positively as the benchmark Nifty 50 Index ended at 23,742.90 with gains of 0.41%. S&P BSE Sensex ended at 78,507.41, up 0.47% on Wednesday. Bank Nifty, too, saw gains of 0.39% and ended at 51,060.60, with most other key indices led by Auto ending with gains. Only the Realty index remained an exception, ending in losses. The broader indices followed the trend, recording gains ranging from 0.4% to 1.05%
Trade Setup for Thursday
Nifty rebounded to ₹23742.90 levels on Wednesday. As per Devarsh Vakil – Deputy Head of Retail Research, HDFC Securities, Immediate resistance was seen at 23,87,0 while Support for the Index was seen at 23,537
Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout in either direction determining its future direction, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd
Global Markets to 2025 outlook
“The market started positively on the first day of 2025. The recovery was broad-based, while the sustainability of the trend will depend on the earnings growth in Q3, where the expectation is positive on a QoQ basis. An uptick in core sector data and the prospect of a ramp-up in capex spending by the government in the remaining part of the fiscal aided sectors like capital goods, industrials, auto, and power.” said Vinod Nair, Head of Research, Geojit Financial Services.
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 stocks to buy today
1.Voltas Ltd – Bagadia recommends buying Voltas Ltd at ₹826.95 keeping Stoploss at ₹1763 for a target price of ₹1955
VoltasS is currently trading at ₹1826.95, having recently broken above the symmetrical triangle on the daily chart. This breakout, accompanied by formation of morning star on candlestick pattern on daily timeframe also a notable increase in trading volume, signals strong bullish momentum and reinforces the positive outlook for the stock.If VOLTAS maintains its position above the critical resistance level of ₹1850, it could see further upward movement, with the next target at ₹1955.
2.Mahindra & Mahindra– Bagadia recommends buying Mahindra & Mahindra at ₹3082, keeping Stop Loss at ₹2974 for a target price of ₹3298
Mahindra & Mahindra is currently trading at ₹3,082, having recently rebounded from a key support zone. The stock is on the verge of breaking out of its consolidation range between ₹3,100 and ₹2,887, trading near its all-time high and exhibiting strong upward momentum. A sustained move above the critical resistance level of ₹3,100 could offer an ideal entry point for long positions, with a potential target of ₹3,298. This breakout is further validated by a noticeable increase in trading volumes, indicating strong buying interest among investors.
Ganesh Dongre’s stocks to buy today
3. Texmaco Rail & Engineering Ltd: Dongre recommends buying Taxmaco at ₹198 keeping Stoploss at ₹190 for a target price of ₹208
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.208. The stock is currently maintaining a crucial support level at Rs.190. Given the current market price of Rs.198, 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.208.
4. Bharti Aitel Ltd – Dongre recommends buying Bharti Airtel Ltd at ₹1595, keeping Stoploss at ₹1570 for a target of ₹1635
We have seen major support in this stock ataround Rs1570. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1595 price level, which may continue its rally till its next resistance level of ₹1635 so traders can buy and hold this stock with a stop loss of Rs1570 for the target price of ₹1635 in the upcoming weeks.
5. NCC Ltd – Dongre recommends buying NCC Ltd at ₹278, keeping Stoploss at ₹272 for a target of ₹287
A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that the stock’s price could temporarily retrace, possibly to around ₹287. Currently, the stock is holding a crucial support level at ₹272.
Given this scenario, the stock could rebound towards the ₹287 level in the near future. To manage risk effectively, traders are advised to consider taking a long position, with a strategic stop loss set at Rs.272. The target price for this trade is ₹287.
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.
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