Stocks to buy or sell: Osho Krishan of Angel One suggests buying IRFC, Bajaj Auto today – January 30 | Stock Market News

Stock Market today: The domestic benchmark indices, Nifty 50 and Sensex, opened cautiously on Thursday due to monthly expiry and pre-budget volatility, which left investors feeling unsettled. The Sensex started off 43.69 points lower at 76,489.27, while the Nifty 50 experienced a slight decline of 5.30 points, opening at 23,157.80.

Notably, despite February 1 falling on a Saturday, both the BSE and NSE will host a special live trading session in light of the Union Budget for 2025-26. The exchanges confirmed this in a circular, emphasizing that a live trading session will take place on that date to accommodate the presentation of the Union Budget.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, recently commented on the current market recovery, indicating it is positive due to the involvement of fairly valued large-cap stocks. He emphasized that for the rally to continue, the upcoming Budget needs to introduce strong growth-stimulating measures that can positively influence market sentiment. However, he also pointed out that a sustained rally will depend on halting Foreign Institutional Investor (FII) selling and observing leading indicators that suggest a recovery in growth and earnings.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

The Indian equity markets continued its pullback rally consecutively for the second session with developments in Mid and small cap indices. From a technical perspective, the descending trendline of the ‘Falling Wedge’ pattern has proven to be pivotal, providing a supportive cushion for the benchmark index. In light of our recent analysis, we have shifted from a bearish viewpoint to a more cautious stance as we approach the upcoming Budget session. Despite this change, a sense of uncertainty continues to loom in the markets; however, the potential for significant downside appears limited.

On the technical levels front, the 23,000 zone is anticipated to serve as a protective barrier against any intraday fluctuations in the Nifty50 index, acting as a cushioning zone, followed by the sacrosanct support of 22,900-22,800. On the upside, the 20 DEMA, which aligns with the neckline of the prior breakdown at 23,350-23,400, establishes a crucial resistance point. This level will be essential to monitor in the coming days, as it may determine the index’s ability to break out or face further challenges. Caution is advised as we navigate through this market landscape.

The India VIX has inched up slightly to 18 in the last few days, which is a normal phenomenon ahead of major events. At the same time, the market dynamics present a wealth of opportunities across the broader spectrum. Staying vigilant and strategically positioning can lead to significant outperformance in this environment.

Stocks To Buy on Thursday – Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks – Indian Railway Finance Corporation Ltd (IRFC), and Bajaj Auto Ltd.

IRFC

IRFC has experienced a corrective phase in the last couple of trading weeks to challenge its previous swing low of 132. At present, the counter is hovering just below its sloping trendline and 21 DEMA and with the positive crossover on the 14 day RSI, it is anticipated to gain traction in the near period. Also, with the limited downside and Budget session on the corners, the counter provides an opportunity for short term traders.

Hence, we recommend to BUY IRFC around ₹140-138, keeping a stop loss of ₹130 for a potential Target of ₹158.

Bajaj Auto

Bajaj Auto has been into a stellar down run for the past four consecutive months, hovering below its short term moving average. The technical parameters have been into oversold terrain from an elongated period, but the recent spurt in the price and volume led to an initial signal of counter trend. And with the positive crossover and eloping above the 21 DEMA after a long haul have gained traction. Also, from a risk reward point of view the counter is placed at a favorable region with limited downside.

Hence, we recommend to BUY Bajaj Auto around ₹8,600, keeping a stop loss of ₹8,280 for a potential Target of ₹9,200.

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