Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Wednesday — 15 January 2025

Stock Market Today: The markets took a breather on Tuesday after steep fall in earlier session as benchmark Nifty 50 Index ended 0.39% higher at 23,176.05. The S&P BSE index also gained 0.22% to end at 76,499.63. The Bank Nifty rebounded 1.43% while Auto , metals and energy gained upto 4%. IT and FMCG index still was among losers. Broader indices also staged a rebound, with mid and small cap index, each climbing around 2.5%.

Trade Setup for Wednesday

Nifty 50 Index has seen probable change in the short term trend. However, crossing of today’s high of 23265 would provide confirmation of further rise. Resistances for the Nifty are seen at 23340 and 23500. On the downside 23047 becomes the base for the short term , as per Vinay Rajani, Senior Technical & Derivative Research Analyst, HDFC Securities.

For Bank Nifty support is placed near 47,300 levels. However, as long as Bank Nifty maintains below 49,900 levels, traders are advised to follow a sell-on-rise strategy

Global Markets, Q3 Results and Budget 2025

Looking ahead, the Union Budget will arrive at a critical moment, with GDP growth expected to slow to 6.4% in FY25, marking the weakest pace in four years. Policymakers will need to implement strategic measures to stimulate growth and attract sustained FII inflows. These inflows will depend on clarity around fiscal targets, capital expenditure plans, and the tax relief for the middle class in the coming months, said Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.

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 stock recommendations today

1. Maruti Suzuki India Ltd– Bagadia recommends buying Maruti Suzuki India Ltd at ₹11741.15 keeping Stoploss at ₹11330 for a target price of ₹12563

Maruti is currently trading at ₹11,741.15 and demonstrating strong bullish momentum. After experiencing significant selling pressure since September 2024, the stock reversed from its support zone at ₹10,700 and consolidated for several days. Recently, it formed a pole-and-flag pattern and successfully broke out on the daily chart. This breakout, supported by sustained trading volume, further reinforces the bullish outlook for the stock.

2. AU Small Finance Bank Ltd- Bagadia recommends buying AU Small Finance Bank at ₹575.1 keeping Stoploss at around ₹555 for a target price of ₹615

AU Bank is currently trading at ₹575.10 and appears poised for a potential breakout from its consolidation range on the daily chart. This anticipated breakout is supported by a sustained increase in trading volumes, which further strengthens the bullish outlook for the stock. If AUBANK sustains above the critical resistance level of ₹590, it could witness a significant upward movement, targeting ₹615.

Ganesh Dongre’s stocks to buy today

3. Indus Towers Ltd– Dongre recommends buying  Indus Towers at around Rs.340, with a target of Rs.360 and a stop loss at Rs.325. 

The presence of a bullish reversal pattern indicates a potential short-term uptrend, with the stock likely experiencing a retracement to Rs.360. The key support at Rs.325 provides a solid level to manage risk if the stock doesn’t move in the anticipated direction.

4. PB Fintech Ltd – Dongre recommends buying PB Fintech (POLICYBZR) at around ₹1740 keeping Stoploss at ₹1700 for a target price of ₹1800

The recent analysis of the stock highlights a notable bullish reversal pattern, indicating the possibility of a temporary retracement toward Rs. 1800. Currently, the stock is maintaining a crucial support level at Rs. 1700, which serves as a solid foundation for a potential rebound.

This technical setup suggests a favorable opportunity for traders to consider taking a long position. By setting a strategic stop loss at Rs. 1700, traders can effectively manage downside risk while targeting a potential upside to Rs. 1800. This scenario presents an attractive risk-reward ratio, aligning with the bullish outlook in the short term.

5. Dixon Technologies (India) Ltd– Dongre recommends buying Dixon Technologies at ₹16275 keeping Stoploss at ₹15700 for a target price of ₹17500

On the daily chart, the stock has exhibited a bullish reversal pattern around the 15,900 zone. This level previously acted as a breakout point in the last quarter, reinforcing its significance. A short-term bullish engulfing pattern has formed at the same level, signaling a positive outlook. Traders may consider buying this stock with a stop-loss at 15,500 and target a price range of 17,500.

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 taking any investment decisions.

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