Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Tuesday — 28 January 2025

Stock Market Today: Markets saw a steep correction on the first day of the new week as benchmark Nifty-50 Index and S&P BSE Sensex at 22,817.90 and 22,817.9, respectively, ended 1.19% and 1.08% lower. Not only did the Nifty Bank index end 0.62% lower at 48,064.65, but most of the indices led by IT, metals and Pharma ended in the red. The broader markets also saw corrections of up to 4%.

Trade Setup for Tuesday

We believe that the current market texture is weak and volatile. For the Nifty and Sensex, 23,000 and 76300 levels, respectively, will be key to watch. As long as they trade below this threshold, weak sentiment will likely continue, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Bank Nifty found support near the recent swing low of 47,900. Sustaining above this level could pave the way for a pullback rally toward 49,000, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.

Global Markets, Q3 Results Today and Budget 2025

The two-day U.S. FOMC meeting scheduled for January 28-29, is further adding to investors’ nervousness. With global market weakness and anxiousness around Trump’s trade policy, Indian equities are expected to remain under pressure soon. Investors will closely monitor the upcoming Q3 results, Federal Reserve’s stance and India’s Budget announcements during this 6-day trading week for further cues., 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.

These include Blue Dart Express Ltd, Action Construction Equipment Ltd, Mahindra & Mahindra (M&M),  Larsen & Toubro Ltd (LT) and InterGlobe Aviation Ltd (INDIGO)

Sumeet Bagadia's stock recommendations today

1. Blue Dart Express Ltd- Bagadia recommends buying Blue Dart at ₹6593.3, keeping Stoploss at ₹6362 for a target price of ₹7055

Blue Dart is currently trading at ₹6,593.3, having recently rebounded from a key support zone. The stock has broken out of a short-term consolidation range, demonstrating upward momentum. This breakout is further supported by increased trading volumes, indicating growing buying interest among investors. A sustained move above the critical resistance level of ₹6,800 could offer an ideal entry point for long positions, with a potential target of ₹7,055.

2. Action Construction Equipment Ltd (ACE)- Bagadia recommends buying ACE at ₹1246.4, keeping Stoploss at ₹1203 for a target price of ₹1334

ACE is currently trading at ₹1,246.40, exhibiting a strong upward trajectory. On the weekly timeframe, the stock has consolidated since April and has reversed from its lower levels, regaining bullish momentum. It is approaching the 20-day EMA, and a close above this level will likely sustain the ongoing bullish trend. Forming bullish candles on the daily timeframe further reinforces the positive outlook. Moreover, the recent breakout above the key resistance level of ₹1,221 underscores the potential for further appreciation. If the current trend persists and additional resistance levels are breached, ACE could target ₹1,334 in the near term.

Ganesh Dongre's stocks to buy today

3. Mahindra & Mahindra (M&M)- Dongre recommends buying M&M at ₹2830, keeping Stoploss at ₹2780 for a target price of ₹2900

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.2900. Currently, the stock is maintaining a crucial support level of ₹2780. Given the current market price of Rs.2830, 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.2900

4. Larsen & Toubro Ltd (LT)- Dongre recommends buying Larsen & Toubro Ltd (L&T) at ₹3470, keeping Stoploss at ₹3425 for a target price of ₹3545

We have seen major support in this stock around Rs. 3425. So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 3470 price level. It may continue its rally until its next resistance level of Rs. 3545. Therefore, traders can buy and hold this stock with a stop loss of Rs.3425 for the target price of Rs. 3545 in the upcoming weeks.

5. InterGlobe Aviation Ltd (INDIGO)-  Dongre recommends buying InterGlobe Aviation Ltd (INDIGO) at ₹4175, keeping Stoploss at ₹4120 for a target price of ₹4250

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 ₹4250. Currently, the stock is holding a crucial support level at ₹4120.

Given this scenario, there is potential for the stock to rebound towards the ₹4250 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹4120 to manage risk effectively. The target price for this trade is ₹4250

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.