Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Tuesday — 14 January 2025 | Stock Market News

Stock Market Today: The correction phase intensified on Monday as the benchmark Nifty 50 Index ended 1.47% lower at 23,085.95. The S&P BSE Sensex, at 76,330.01, was also down 1.32%. Bank Nifty saw a similar 1.42 cut, ending at 48,041.25, while most sectoral indices, led by metals, realty, and energy, ended lower. The broader indices underperformed, declining nearly 4% each.

Trade Setup for Tuesday

The Nifty has decisively broken below the November 2024 low of 23,263.15, accompanied by a noticeable rise in the volatility index, signalling further downside risks. The next significant support is at the 22,700 level, said Ajit Mishra – SVP, Research, Religare Broking Ltd

For the Bank Nifty on the downside, 100-WEMA (week exponential moving average) support is placed near 47,300 levels. As long as Bank Nifty maintains below 49,900 levels, traders are advised to follow a sell-on-rise strategy, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.

Global Markets to Q3 Results Today

Indian rupee touched a fresh low of 86.40 against the dollar during the session on Monday, pressured by stronger-than-expected US non-farm payrolls data. Oil prices hit their highest level in over three months amid expanded US sanctions disrupting Russian crude supplies, further adding to global uncertainties. India’s annual retail inflation eased to 5.22% in December, down from 5.48% in the previous month. This moderation in inflation could provide some downside support to the markets. However, tomorrow’s US PPI figures are expected keep investors cautious, 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 stocks.

Sumeet Bagadia’s stock recommendations today

1.Tata Consultancy Services (TCS)– Bagadia recommends buying Tata Consultancy Services (TCS) at around ₹4291.10 keeping Stoploss at ₹4140 for a target price of ₹4591

TCS is currently trading at ₹4291.10, exhibiting a robust uptrend. The stock has reversed strongly from lower levels, forming a bullish candle that indicates strong upward momentum. Increased trading volumes support this reversal, confirming the strength of the move. Furthermore, TCS is trading above its 20-day, 50-day, and 200-day EMAs, reflecting solid support across both short-term and long-term trends.

2.Gufic Biosciences Ltd– Bagadia recommends buying Gufic Biosciences at ₹476.55, keeping Stoploss at ₹460 for a target price of ₹510

Gufic Bio is currently trading at 476.55 levels, showcasing a notable uptrend from the support levels around 460, in close proximity to its 20 Day Exponential Moving Average (EMA). The stock’s positive momentum is further confirmed by its positioning above the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, reinforcing its technical resilience.

Ganesh Dongre’s stocks to buy today

3. Hindustan Unilever Ltd– Dongre recommends buying Hindustan Unilever at ₹2445 keeping Stoploss at ₹2400 for a target price of ₹2520

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 ₹2520. The stock is currently maintaining a crucial support level at ₹2400. Given the current market price of ₹2445, 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 ₹2520

4. Infosys Ltd – Dongre recommends buying Infosys at ₹1960, keeping Stoploss at ₹1925 for a target price of ₹2010

We have seen a major support in this stock around ₹1925 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1960 price level, which may continue its rally till its next resistance level of ₹2010 so traders can buy and hold this stock with a stop loss of ₹1925 for the target price of ₹2010 in the upcoming weeks.

5. Asian Paints Ltd – Dongre recommends buying Asian Paints at ₹2250, keeping Stoploss at ₹2215 for a target price of ₹2340

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 ₹2340. Currently, the stock is holding a crucial support level at ₹2215.

Given this scenario, the stock could rebound towards the ₹2340 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹2215, to manage risk effectively. The target price for this trade is ₹2340.

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.