Stock Market Today: Trade setup for Nifty 50 Q3 results today; 5 Stocks to Buy or Sell on Friday – January 17, 2025

Stock Market Today: Although the markets were range-bound, they closed on a positive note, with the benchmark Nifty 50 index and S&P BSE Sensex gaining 0.42% to close at 23,311.80 and 77,042.82, respectively. Bank Nifty was also up 1.08% at 49,278.70. Among other sectors, while metals and energy witnessed good recovery, on the other hand, FMCG and pharma sectors closed with losses. Broader indices outperformed, rising 1.1-1.8%.

trade setup for friday

Nifty 50 index now faces immediate resistance at 23460, with its 200-day EMA (exponential moving average) likely to rise to 23,680. According to Devarsh Vakil, Head of Prime Research, HDFC Securities, the support level has extended to 23150.

According to Hrishikesh Yedve, AVP, Technical and Derivatives Research, Asit C. Mehta Ltd., the Bank Nifty index had a hurdle around 49,900, and on the downside, support was at 47,900.

Global markets’ third quarter results today

Markets will react to third quarter results and earnings reports of key index constituents like Reliance Industries, Infosys and Axis Bank in early trade on Friday. Although recent index movements lack clear direction, the resilience of the banking sector, which is of key importance, is a positive sign. Amid these mixed signals, participants should prefer selective stock selection and strong risk management strategies, said Ajit Mishra – SVP, Research, Religare Broking Ltd.

stocks worth buying today

Sumeet Bagadia, Executive Director, Choice Broking recommends two stock picks for today. Ganesh Dongre, senior manager, technical research, Anand Rathi, suggests three stocks.

Sumeet Bagadia’s stock recommendations today

1. TCPL Packaging Limited– Recommend to buy Bagadiya TCPL Packaging But Place stoploss at 3531.45 For target price of 3400 3750

TCPL Packaging is currently trading 3531.45. After a short decline and a period of sideways consolidation, the stock recently broke the neckline level There is a bullish upside move above 3400 with ample volume and a consolidation breakout with strong volumes, indicating continuation of the bullish momentum and possible bullish momentum. There are expectations of moving forward and upward, potentially reaching 3750 level. On the downside, ample support is evident nearby 3400.

2. Ganesh Housing Corporation Limited- Bagadia has advised to buy Ganesh Housing But keep stoploss at 1313 For target price of 1265 1400.

Ganesh Housing is currently trading at 1313, demonstrating a strong uptrend supported by the recent bullish candlestick pattern. The stock appears to have exited a consolidation phase, with the price decisively rising above the previous resistance level. Currently, it is testing its all-time high of 1366.75, indicating significant bullishness. Additionally, the stock has bounced off its 50-day EMA, bolstering the bullish outlook. If GANESHHOUC manages to close above the important resistance level of 1335, it could potentially target 1400 in the short term, indicating further strength and investor confidence in the stock’s performance.

Buy Ganesh Dongre shares today

3. Godrej Properties Limited– Dongre recommends buying Godrej Properties At Rs 2365, with a target of Rs 2460 and stop loss at Rs 2310.

The presence of a bullish reversal pattern indicates a possible short-term uptrend, with the stock likely to experience a retracement towards Rs 2460. The key support at Rs 2310 provides a solid level for risk management if the stock does not move in the expected direction.

4. Aditya Birla Fashion and Retail Limited– Dongre recommends buying Aditya Birla Fashion and Retail But 276 stoploss art For target price of 270 289

Recent analysis of the stock highlights a notable bullish reversal pattern, indicating the possibility of a temporary retracement towards the rupee. 289. Currently, the stock is holding important support levels at Rs. 270, which serves as a solid base for a potential rally.

This technical setup suggests a favorable opportunity for traders to consider taking long positions. By setting the strategic stop loss at Rs. 270, traders can effectively manage downside risk by targeting potential upside of Rs. 289. This scenario presents an attractive risk-reward ratio consistent with a bullish outlook in the short term.

5. Grasim Industries Limited – Dongre recommends buying Grasim But keep stoploss at 2359 For target price of 2320 2420

On the daily chart, the stock has displayed a bullish reversal pattern around the 2359 area. This level previously served as a breakout point in the last quarter, reinforcing its importance. A short-term bullish pattern has formed at the same level, which indicates a positive outlook. Traders can consider buying this stock with stop-loss at 2320 and target price range of 2420.

Disclaimer: The views and recommendations given 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 decision.