Thursday, February 13, 2025

Stocks to buy: Raja Venkatraman recommends three stocks for today — 29 January

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Nifty 50 on 28 January: Recap

After two consecutive days in the red, Sensex and Nifty rebounded, with Nifty Bank surging nearly 2%. The optimism was driven by the Reserve Bank of India’s liquidity-boosting measures, which kindled hopes of a potential rate cut in February. On the flip side, healthcare and FMCG stocks lagged.

The benchmarks started the day strong, recovering from a seven-month low touched in the previous session. This sell-off was fuelled by lacklustre Q3 earnings, uncertainties surrounding U.S. President Donald Trump’s trade policies, and persistent foreign outflows. At the close, the Sensex had climbed 535 points (0.7%) to 75,901, while the Nifty 50 rose by 147 points (0.6%) to 22,976. On the NSE, 987 stocks advanced, while 1,582 declined.

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Indian stock markets: Way forward

Looking ahead, market volatility is anticipated to persist in the lead-up to the FOMC and Budget 2025. Post-budget, the RBI meeting will be in focus, alongside ongoing Q3 earnings reports. Despite the potential for bounce backs, driven largely by large-cap stocks and the RBI’s liquidity measures, significant volatility is expected to continue.

With Nifty once again reviving challenging Pitchfork resistances on Daily chart around 23200 forcing the bearish camp to rethink. While the fight between both the groups to claim leadership levels the possibility of the markets turning lower garnered momentum. The pullback to the follow-through area highlighted on the chart combining with the trendline support. The trends are now witnessing some buying and we could be now entering a critical phase in the Nifty. Now with revised supports at 22800 we can look to track for some revival from these levels with a buy on dips to emerge. The Put Call Ratio (PCR) has moved slightly ahead to 1.15 in Nifty and 1.16 in Bank Nifty highlighting a recovery in the benchmark. While trends are undergoing some pains an event ridden week lies ahead.

Source: TradingView

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Source: TradingView

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Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:

• JK Cement: Buy above 4,840, stop 4,760, target 5,260

The cement sector has its shares of ups and downs, and this has been absorbed by this counter quite well. the steady higher lows over the last few days have attracted some strong bullish vibes. With a favorable setup towards the close of the day and momentum seen reviving one can look at some buying opportunity in the coming days.

• Shivalik: Buy above 780 , stop 760, target 850

The recent muted Q3 numbers resulted in a breach of important supports. The move below the recent set of supports is inviting more selling into the prices. As RSI is heading lower, the bearishness could persist, highlighting that we should be looking at some potential decline in the coming sessions.

Source: TradingView

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Source: TradingView

• Jubilant Food: Buy above 670, stop 650 target 725

The FMCG company is keenly tracked saw a very steep fall since the start of the year to find some good support at the cloud region. The two bar reversal pattern that is been formed on the Daily charts we can expect some upside. The positive move seen on Tuesday highlights that there is a shift seen in the counter at lower levels and the trends are hinting at some bullish bias. With the RSI showing a rebound one can consider that the trends are showing a potential to move higher.

Raja Venkatraman is co-founder, NeoTrader.

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.

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