Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell on Wednesday — 1 January 2025 | Stock Market News

Stock Market today: “Last trading session of 2024 ended on a flat note with benchmark Nifty -50 index closing at 23,644.80 on Tuesday. Sensex at 78,139.01 ended with marginal decline of 0.14%,. Bank Nifty ended the day with slight losses of 0.18% to end at 50,860.20 while other sectoral indices marked  a mixed trend with energy and pharma seeing gains, and IT and realty ending lower. In the Broader indices while mid caps ended flat, small caps recovered half a percent

Trade setup for Wednesday

Nifty failed to surpass previous session’s high of 23869 on Tuesday and found resistance at it 5 Day EMA turning southward. Immediate resistance is seen at 23870 while Support for the Index is seen at 23537, said Devarsh Vakil – Deputy Head Retail Research, HDFC Securities

Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout on 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

Looking ahead, 2025 could unfold as a tale of two halves. The first half may see continued market consolidation, influenced by key events such as the Union Budget, the start of the RBI’s interest rate-cut cycle, and global policy shifts following Donald Trump’s inauguration as U.S. President in January 2025. However, a recovery is expected in the second half, driven by increased government spending and improvement in corporate earnings. The pre-quarterly business updates to be released in the first week of January will provide insights into the upcoming result season and would be keenly tracked by investors, 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 has suggested three stock ideas.

Sumeet Bagadia’s stocks to buy today

1.Radico Khaitan Ltd- Bagadia recommends buying Radico Khaitan at ₹2605.9 keeping stoploss at ₹2500 for a target of ₹2777

Radico showcases a strong bullish momentum, evident from a notable uptrend from the support levels around ₹2.480, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹2.605.9. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

2. Pearl Global Industries Limited- Bagadia recommends buying Pearl Global at ₹1,480.95 , keeping Stoploss at ₹1,425 for a target price of ₹1,580

Pearl Global’s daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre’s stocks to buy today

3. Zomato Ltd– Dongre recommend buying Zomato Ltd at ₹278 keeping Stop loss at ₹270 for a target price of ₹295.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹295. At present, the stock is maintaining a crucial support level at Rs. 270. Given the current market price of Rs.278, 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.295.

4. HCL Technologies Ltd – Dongre recommends buying HCL Technologies Ltd at ₹1918 keeping Stoploss at ₹1890 for a target price of ₹1965

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.1965. At present, the stock is maintaining a crucial support level at Rs.1890. Given the current market price of Rs.1918, 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.1965

5. Bharat Dynamics Ltd– Dongre recommends buying Bharat Dynamics at ₹1122 keeping Stoploss at ₹1090 for a target price of ₹1170.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 1170. At present, the stock is maintaining a crucial support level at Rs.1090. Given the current market price of Rs.1122, 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. 1170.

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.