Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Wednesday — 29 January 2025

Stock Market Today: Markets managed to end Tuesday's volatile trading session on a positive note. The benchmark Nifty 50 index ended at 22,957.25, up 0.56%, and the S&P BSE Sensex, at 75,901.41, also ended 0.71% higher. Bank Nifty rebounded 1.67% to end at 48,866.85, as Realty and Auto were also key gainers after RBI provided a liquidity boost. Energy and Pharma, however, still remained under pressure, and so did mid- and small-caps. 

Trade Setup for Wednesday

Support for Nifty is placed at 22786, while immediate resistance is seen at 23,137, followed by 23347, said Nandish Shah - Deputy Vice President, Prime Research at HDFC Securities

If the Bank Nifty is below 49000, weak sentiment will likely persist, and it could decline to the 47,500-47,200 range. As per Shrikant Chouhan, Head Equity Research, Kotak Securities, Bank Nifty resistance lies at 49,500 on the upside.

Global Markets, Q3 Results Today and Budget 2025

Markets have repeatedly struggled to sustain recovery attempts. Ongoing caution ahead of the Union Budget, a mixed Q3 Results season, and weak global cues further unsettled participants. We maintain our “sell on the rise” stance for the index and emphasize the importance of robust risk management, particularly in broader market segments like midcaps and small caps, while awaiting clearer signals, said Ajit Mishra – SVP, Research, Religare Broking 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 Bajaj Finserv Ltd, J.K. Cement Ltd, Zydus Lifesciences Ltd, Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and Polycab India Ltd. 

Sumeet Bagadia's stock recommendations today

1. Bajaj Finserv Ltd- Bagadia recommends buying Bajaj Finserv at ₹1768.95, keeping Stoploss at ₹1700 for a target of ₹1888

Bajaj Finserv is currently trading at ₹1768.95. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1750 and is rising quickly on the upside with substantial volume... There are expectations of further upward movement, potentially reaching ₹1888 levels. On the downside, substantial support is evident near ₹1700.

2.  J.K. Cement Ltd.- Bagadia recommends buying J.K. Cement at ₹4831.20, keeping a stop loss at ₹4660 for a target price of ₹5100

J.K. Cement is currently positioned at 4831.2 levelsand has shown robust upward momentum. The stock’s recent breakout was supported by significant trading volume, indicating strong investor interest. The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day and 100-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure, affirming its inherent strength.

Ganesh Dongre's stocks to buy today

3.Zydus Lifesciences Ltd - Dongre recommends buying Zydus Lifesciences at ₹911, keeping Stoploss at ₹900 for a target price of ₹928.

In the recent short-term trend analysis of the stock, currently the stock is in an oversold zone. Looking at the daily chart, 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 ₹928. The stock is currently maintaining a crucial support level at Rs.900. Given the current market price of Rs.911, 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.928.

4, Indian Railway Catering and Tourism Corporation Ltd (IRCTC)- Dongre recommends buying IRCTC at ₹751, keeping Stoploss at ₹725 for a target price of ₹800

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.800. Currently, the stock is maintaining a crucial support level at Rs.725. Given the current market price of Rs.751, 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.800

5. Polycab India Ltd- Dongre recommends buying Polycab at ₹5685, keeping Stoploss at ₹5500 for a target price of ₹5950.

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. 5950. The stock is currently maintaining a crucial support level at Rs.5500. Given the current market price of Rs.5685, 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. 5950.

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.