Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Thursday — 30 January 2025 | Stock Market News

Stock Market Today: The benchmark Nifty-50 Index ended a volatile trading session on Wednesday with gains of 0.9% at 23,163.10, as S&P BSE Sensex with gains of 0.83% also ended at 76,532.96. The Bank Nifty at 48,866.85 was also 0.6%, and the gains for markets were led by Auto, Realty, IT, and Pharma, among others. The broader indices gained sharp 2.3% to 3.4%, also providing respite

Trade Setup for Thursday

For the Nifty, in terms of levels, 23280 – 23340 shall act as a crucial resistance while 23000 – 22980 shall act as a crucial support zone, said Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan.

As long as the Bank Nifty index holds 47,840, bullish momentum will likely continue. On the upside, 49,500 and 50,000 will act as resistance points, said Asit C. Mehta Investment Interrmediates Ltd.

Global Markets, Q3 Results Today and Budget 2025

The Indian market has demonstrated resilience in anticipation of the upcoming Union Budget, with expectations of measures to stimulate consumption and job creation. Small and mid-cap stocks experienced a relief rally, while key index valuations are trading at a 5-year average, which appears attractive given the strong long-term domestic outlook. Investors are now focusing on the upcoming FOMC meeting, with general expectations that the Fed will maintain its current hawkish stance, said Vinod Nair, Head of Research, Geojit Financial Services.

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, suggested three stocks.

Sumeet Bagadia’s stock recommendations today

1. L&T Finance Ltd -Bagadia recommends buying L&T Finance Ltd at ₹146.16 keeping Stoploss at ₹141 for a target price of ₹ 156

L&T Finance Ltd is currently trading at 146.16, showing a sideways consolidation trend. The price has moved from 134 to 148 over the past few weeks. A bullish breakout seems to form as the stock surpasses its 20-day and 50-day exponential moving average levels. This movement is also supported by the potential formation of a rectangle pattern, which is typically considered a continuation pattern. Key immediate resistance levels are observed at 149 and 153. The recent candle closing above 146.16 indicates renewed buying interest. If the stock successfully crosses its resistance levels, it may achieve a short-term target of 156.

2.LTIMindtree Ltd- Bagadia recommends buying LTIMindtree at ₹5882.75, keeping Stoploss at ₹5676 for a target of ₹6295

LTIMindtree is currently trading at ₹5,882.75, having recently rebounded from a key support zone. The stock has formed a morning star candlestick pattern and is on the verge of breaking out from a consolidation channel on the daily timeframe. A breakout from this channel would further strengthen the reversal pattern, supported by increased trading volumes, indicating strong buying interest from investors. In the short term, the stock appears poised to target ₹6,295.

Ganesh Dongre’s stocks to buy today

3. BSE Ltd– Dongre recommends buying BSE at ₹5360 keeping Stoploss at ₹5150 for a target price of ₹5600

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.5600. Currently, the stock is maintaining a crucial support level at Rs.5150 Given the current market price of Rs.5360, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.5600

4. Petronet LNG ltd– Dongre recommends buying Petronet LNG at ₹301 keeping Stoploss at ₹292 for a target price of ₹315

We have seen a major support in this stock around Rs. 292 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 301 price level, which may continue its rally till its next resistance level of Rs. 315 so traders can buy and hold this stock with a stop loss of Rs.292 for the target price of Rs. 315 in the upcoming weeks.

5. Tata Chemicals Ltd- Dongre recommends buying Tata Chemicals at ₹962, keeping Stoploss at ₹950 for a target price of ₹ 990

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹990. Currently, the stock is holding a crucial support level at ₹950.

Given this scenario, there is potential for the stock to rebound towards the ₹990 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹950 to manage risk effectively. The target price for this trade is ₹990

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.