Monday, February 24, 2025

Stocks to buy: Raja Venkatraman recommends three stocks for today — 31 January

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Nifty 50 on 30 January: Recap

Positive vibes on the broader market indices have kept their upward momentum on the last day of January expiry, with gains across the board being displayed by major indices largely riding on mixed global cues following the US Federal Reserve’s decision to pause rate hikes. Market breadth was quite positive on 30 January. Pharmaceutical company Cipla led the gains on the NSE, rising by 3%, followed by Power Grid, Mahindra & Mahindra, Bajaj Finance and oil major ONGC. The majority of the market was bullish, barring IT and Media, allowing people to end the day with a bullish bias. However, the trends ahead remain fraught with hesitation.

Indian stock markets: Way forward

A much-awaited pre-budget rally has emerged to give some hope of overhauling the much-touted important resistance zones that continue to curb the bullish sentiment. Currently, the moves emanating after testing oversold levels are looking positive.

However, the intraday charts show that the value resistance zone bands are witness to many attempts to overhaul where the trends have failed. However, one should factor that the ongoing rise is riding on very limited tailwinds, and one needs to keep booking profits. The open interest data reveals that the Put Call Ratio is holding itself at 1 in the Nifty with 23,250 as the max pain point highlighting a neutral stance ahead of the event. While the bias seems to be divided, the bearish bias at higher levels does creep in as the higher timeframes are still under pressure and there is still no clear evidence of a confident recovery.

The ongoing rise is riding on very limited tailwinds, and one needs to keep booking profits.

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The ongoing rise is riding on very limited tailwinds, and one needs to keep booking profits.

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

Kiri Industries Ltd: Buy above 585 | Stop 572 | Target 635

The chemical sector has once again shown some spirited rise in the last few sessions, and the strong surge seen in this counter now highlights the possibility of more upward traction. The strong dip into the cloud region and rebound with some buying picking up can be a good time to consider this for longs. The last few days have been showing some steady upward rise, suggesting a buy possibility.

Cartrade Tech Ltd: Buy above 1,640 | Stop 1,605 | Target 1,790

CarTrade Tech Ltd reported a net profit of 43 crore, a turnaround from the 24 crore loss, it reported in the same quarter last year. With encouraging Q3 numbers a strong push above recent resistance around 1,620, inviting us to go long. The move seen recently supported by long body bullish candle and volumes along with the rising momentum suggests we can go long. As RSI is heading higher, the upward momentum could persist in the coming sessions fuelled by positive market sentiment.

With encouraging Q3 numbers a strong push above recent resistance around  <span class=₹1,620, inviting us to go long.” title=”With encouraging Q3 numbers a strong push above recent resistance around ₹1,620, inviting us to go long.”>

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With encouraging Q3 numbers a strong push above recent resistance around 1,620, inviting us to go long.

Jio Financial Services Ltd: Sell below 235 | Stop 240 | Target 225

JIOFIN, a financial services company that is a favourite among the traders, still continues to witness some weakness and the inability to generate some upside can trigger some more declines in the coming days. The rally seen in the last few days has tread into resistance zones and could witness some sell-off once again. Consider going short on the breach of the said levels, as it has opened more room on the downside.

 

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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