Today’s stock market day trading guide: 9 stocks to buy on Wednesday – January 31st

Stock market today: A day after a notable surge of nearly 2% each, the benchmark indices namely Nifty 50 and Sensex fell by 1% each on Tuesday, January 30. Nifty 50 opened at 21,775.75 against the previous close of 21,737.60, hit an intraday low of 21,501.80 and finally closed 216 points or 0.99% lower at 21,522.10. The Sensex opened at 72,000.20 against the previous close of 71,941.57, fell more than 1 per cent to an intraday low of 71,075.72, and closed 802 points or 1.11 per cent lower at 71,139.90.

“Domestic stocks fell from the day’s highs as leading stocks in the index sold off. Nifty started on a positive note but quickly gave up on gains and closed down 216 points (-1%) at the 21522 level. Most sectors ended in the red. PSU banks saw some buying amid strong Q3 2024 results. Europe’s Q4 GDP statistics were better than expected, and global Global markets remained upbeat on the back of mega-cap corporate profits and an unexpected cut in quarterly borrowing estimates by the Treasury,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.

Today’s stock market day trading guide

Regarding the outlook for the Nifty 50 index, we read: “The Nifty showed volatility throughout the day and a bearish trend prevailed. The daily chart shows dark clouds forming, implying a bearish outlook in the short term. It is at the lower end at 21500. A significant decline below this level could start a market correction. Conversely, continued trading above 21500 could lead to a market rally,” said LKP Securities. said Rupak De, Senior Technical Analyst.

Commenting on the outlook for Bank Nifty today, Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities said, “The Bank Nifty index has encountered sustained resistance around 45500 levels for the past two days.46000. “to begin a sustained rise towards.” , the index needs to convincingly break through this resistance, which coincides with the highest open interest on the call side. Immediate support on the downside lies at 45,000, with selling pressure increasing below this level. It is likely to fall towards the 44700-44500 level. ”

Commenting on today’s stock market trigger, Siddhartha Khemka of Motilal Oswal said, “All eyes are on the Federal Reserve’s policy meeting starting today. Investors expect the US Federal Reserve to maintain the status quo.” “However, the direction of interest rate cuts is likely to remain the same.” Overall, we expect the market to remain range bound until two major events unfold (US Fed meeting and India’s interim budget). ”

Today’s day trading stocks

Stock market experts on what stocks to buy today – Sumeet Bagadia, Executive Director, Choice Broking. Mr. Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi. Mitesh Kalwa, research analyst at Bonanza Portfolio and Siju Koothupalakkar, technical analyst at Prabhudas Liladhar, recommended nine stocks to buy or sell today.

Sumeet Bagadia Day Trading Stocks

1)Maharashtra Gas Limited: Purchase at INR1443.70, target INR1470, stop loss INR1426

Maharashtra Gas Limited (MGL) is showing promising technical indicators on the daily chart, featuring a bullish candlestick formation.The current trading price is INRSome resistance is expected near 1443.70. INR1450 levels. If the stock is successful in breaking through this resistance level, the stock price may rise and reach the target price. INRFrom 1470 onwards. Reinforcing its strengths are robust support zones located at: INR1426.

MGL’s positive momentum is supported by its position above key moving averages, and its Relative Strength Index (RSI) of 83 underlines the stock’s resilience. As the stock price overcomes the resistance level, investors may find a suitable entry point on the back of technical settings that point to a favorable upward trajectory for Maharashtra Gas Limited.

Set short to medium term goals, INRWe recommend you consider purchasing MGL at the current market price (CMP) of 1470. INR1443.70. This analysis aims to guide investors to take advantage of the observed positive market indicators and expected upward momentum in Maharashtra Gas Limited, highlighting an informed investment strategy. Masu.

2) PNCINFRA: Purchase at INR446, target INR465, stop loss INR432

Current market conditions for the stock indicate a favorable position as it trades around the 445 level. An increase was observed from solid support at the 415 level, indicating the stock’s resilience. Additionally, the stock is trading above key moving averages including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, indicating sustained strength.

Momentum is indicated by the RSI (Relative Strength Index), which is on an upward trajectory and currently stands at 76. This RSI movement reinforces the stock’s inherent strength. The small resistance around the 450 level is worth noting, and a possible breakout above this level could send the stock heading toward the target 465 level and beyond.

According to the technical analysis mentioned above, we recommend buying PNCINFRA with a target price of 446 on CMP 465. If the stock price closes below 432, our analysis is invalidated.

Ganesh Dongre Stocks to Buy Today

3) Paytm: Buy at INR760, target INR790, stop loss INR745

In the short-term trend, the stock has a bullish reversal pattern and a pullback to 790 is technically possible, so holding the 745 support level will cause this stock to rebound towards the 790 level in the short term. Traders can go long because of the potential. Stop loss 745 against target price 790.

4) Ashoka: Purchase at INR177, target INR185, stop loss INR172

In the short-term trend, the stock has a bullish reversal pattern and a pullback to 185 is technically possible, so holding the 172 support level will cause this stock to rebound towards the 185 level in the short term. Traders can go long because of the potential. Stop loss 172 against target price 185.

Buying and selling Shiju Koothupalakkal shares

5) Himatsingka Seide Ltd: Purchased at INR162.95, target INR175, stop loss INR158

The stock is showing a trend reversal from the zone where it bottomed around 153, and the bias has improved with a series of positive candlestick formations on the daily chart. The RSI is suggesting a buy and with momentum in the sugar stock, we expect the stock to move higher in the coming trades and move closer to the target level of 175. I recommend buying this stock with a stop loss of 158.

6) Data pattern: Purchase at INR1953.75, goal INR2070, stop loss INR1900

The stock maintains a strong base around the 1830 zone and is now recovering well again with a bullish candlestick pattern on the daily chart, crossing the confluence of the important 50 EMA and 200 period MA levels in the 1940 zone. has improved its bias and is expected to rise further in the coming sessions. The RSI suggests buying when a target near 2070 levels is in sight. We recommend holding a stop loss at 1900 and buying this stock.

7) BDL: Purchase at INR1702, target INR1780, stop loss INR1670

After a decent rally, the stock price is now firm while maintaining good support around the 1630 zone and witnessed increased volume and positive candlesticks to look forward to further surge in the stock price in the coming trades. . The RSI is currently in a good position and is showing signs of second round momentum after settling down from the overbought zone, keeping the stop loss at 1670 and buying in anticipation of the first target, the 1780 level. is recommended.

Mitesh Kalwa’s Stock of the Day

8) WABAG: Purchase at INR677-679, target INR720, stop loss INR662

A buy recommendation has been initiated against a target up to Rs 720 as WABAG is seen breaking through the resistance zone in the daily time frame and forming a bullish candlestick. You can start buying the dip in the 677-679 range with a stop loss below 662 on a daily closing price basis.

9) NCLIND: Purchase at INR237-238, target INR248, stop loss INR233

NCLIND is seen breaking through the resistance zone on the daily time frame and forming a bullish candlestick, hence a buy recommendation has been initiated against a target up to Rs 248. You can start buying the dip in the 237-238 range with a stop loss below 233 on a daily closing price basis.

Disclaimer: The opinions and recommendations expressed above are those of individual analysts, experts, and brokerage firms and not of Mint. We recommend checking with a certified professional before making any investment decisions.