Stock market today: Trade setup for Nifty 50 to to Q3 results today; 5 stocks to buy or sell on Friday — 10 January 2025

Stock Market Today: The benchmark Nifty-50 index ended 0.69% lower at 23,526.50 on Thursday as the correction phase in the stock markets continued. The S&P BSE Index also lost 0.68% to end at 77,620.21. Bank Nifty, with similar losses, ended at 49,503.50. Most sectoral insides were down, led by realty, energy, and IT, which were the top losers. Broader markets, too, saw similar pressure as mid-caps and small-caps slipped nearly a per cent each.

Trade Setup for Friday

Shrikant Chouhan, Head Equity Research, Kotak Securities, believes that the current market texture is weak but oversold, and thus, there is a possibility of a pullback rally. For Nifty, 23650 will be the key level to watch; below this level, the market could continue its weak formation until 23400-23375. Conversely, if it rises above 23650, it could bounce back to 23750-23800.

As long as Bank Nifty maintains below 50,740 levels, traders are advised to book profits on the bounce, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd

Global Markets to Q3 Results Today

US markets are closed on account of National Day Holiday, however investors await US Fed meeting minutes to be released today for insights into future policy direction. Key data releases tomorrow include India’s Industrial Production for November and the December US unemployment rate, among others. We expect markets to consolidate in a range with stock-specific action on the back of Q3 result announcements, 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 stocks to buy today

1.Vijaya Diagnostic Centre Ltd– Bagadia recommends buying Vijaya Diagnostic at ₹1221.3, keeping Stoploss at ₹1177 for a target price of ₹1313

Vijaya Diagnostics is currently positioned at 1221.3 levels, 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.

2.Shaily Engineering Plastics Ltd _ Bagadia recommends buying Shaily Engineering Plastics at close to ₹1630.7. keping a Stoploss at ₹1565 keeping a target of ₹1777

Shaily 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. Marico ltd– Dongre recommends buying  Marico at ₹667, keeping Stoploss  at ₹650 for a target of ₹690

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.695. At present, the stock is maintaining a crucial support level at Rs.650. Given the current market price of Rs.667, 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.695

4. Aarti Industries Ltd– Dongre recommends buying Aarti Industries at ₹413, keeping Stoploss at ₹403  for a target price of ₹430

We have seen a major support in this stock around Rs. 403 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 413 price level, which may continue its rally till its next resistance level of Rs. 430 so traders can buy and hold this stock with a stop loss of Rs.403 for the target price of Rs. 430 in the upcoming weeks.

5. Aditya Birla Fashion and Retail Ltd– Dongre recommends buying Aditya Birla Fashion at ₹277 keeping Stoploss at ₹265 for a target of ₹295

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹295. Currently, the stock is holding a crucial support level at ₹265.

Given this scenario, there is potential for the stock to rebound towards the Rs. 295 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹265 to manage risk effectively. The target price for this trade is ₹295.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.