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

Stock Market Today: Indian Stock Markets saw a strong rally on Tuesday as the benchmark Nifty-50 index and the S&P BSE Sensex rose to end at 23,739.25 and 78,583.81, respectively, a rise of 1.62-1.81%.  The Bank Nifty also surged 1.93% to 50,157.95. Most sectors, including metals, pharma, and oil & gas, recorded strong gains. 

Trade Setup for Wednesday

The decisive break above the critical resistance at the 200 DEMA, i.e. 23,620, in Nifty has potentially strengthened its position further. The next target range is 23,900–24,200, said Ajit Mishra – SVP, Research, Religare Broking Ltd.

The immediate support level for Bank Nifty has shifted higher to 49,600–49,500, while the 50,200–50,300 zone serves as a key resistance, as per SAMCO Securities.

Global Markets ,Q3 Results Today and RBI Monetary Policy

On Monday, the Indian market struggled to absorb the optimism generated by the good union budget due to heightened geopolitical risks stemming from ‘Trump tariff war’. However, India could outperform in a weak global market, and as a rebound has been triggered in the global sentiment, it has fuelled a sharp surge in domestic equities. While overall market sentiment remains positive, large-cap stocks are the preferred choice. Banking stocks are rallying in anticipation of a rate cut in this week's RBI policy, the new apex bank governor's first meet, 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, suggested three stocks.

These include Pokarna Ltd, J.K.Cement Ltd, Dalmia Bharat Ltd, Jindal Steel & Power Ltd and Marico Ltd

Sumeet Bagadia's stock recommendations today

1. Pokarna Ltd: Bagadia recommends buying Pokarna at ₹1,378.9 keeping stoploss at ₹1,330 for a target price of ₹1,500.

POKARNA 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. 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.

2. J.K.Cement Ltd- Bagadia recommend buying J.K.Cement at ₹4,878.95  keeping a stoploss at ₹4,700, and  a target price of ₹5,111.

J.K.Cement is presently trading at 4,878.95 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action.

A robust support level is situated at 4,700 levels. This confluence of support factors enhances the stock's stability and resilience. Furthermore, J.K.Cement is trading above all the important moving averages, underscoring its overall bullish posture and trend.

Ganesh Dongre's stocks to buy today

3. Dalmia Bharat Ltd- Dongre recommends buying Dalmia Bharat at ₹1,852, keeping a stoploss at ₹1,825 for a target of ₹1,900.

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. 1,900. At present, the stock is maintaining a crucial support level at Rs.1,825. A buying opportunity is emerging given the current market price of Rs.1,854. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 1,900.

4. Jindal Steel & Power Ltd- Dongre recommends buying Jindal Steel & Power Ltd buying at ₹802 keeping stoploss ₹788 for a target price of ₹830.

A major support in this stock has been spotted around Rs. 788. So, at the current juncture, the stock has again seen a reversal price action formation at the Rs.802 price level, which may indicate a continued rally till its next resistance level of Rs.830. So, traders can buy and hold this stock with a stop loss of Rs.788 for the target price of Rs. 830 in the upcoming weeks.

5. Marico Ltd- Dongre recommends buying Marico Ltd at ₹678 keeping Stoploss at ₹665 for a target price of ₹695.

A notable bullish reversal pattern has emerged in the recent short-term trend analysis of the stock. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around Rs. 695. Currently, the stock is holding a crucial support level at Rs.665.

Given this scenario, there is potential for the stock to rebound towards the Rs.695 level shortly. Traders are advised to consider taking a long position, with a strategic stop loss set at Rs.665 to manage risk effectively. The target price for this trade is Rs.695, reflecting the anticipated upward movement.

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 making any investment decisions.