Stock market recommendations: According to Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group, ICICI Lombard General Insurance, Eicher Motors, and Navin Fluorine are the prime stock picks for at this time. Here’s his view on Nifty, Bank Nifty and the highest stock picks for January 16, 2025:
Nifty
Nifty witnessed a second day with a minor comply with up in inexperienced nevertheless stays confined throughout the massive vary of Monday’s commerce. After an inside bar formation, the index has traded above its earlier day’s excessive however not closed above the identical indicating that the quick time period development may unveil on the upside from right here on. A fast 1.5-2% comply with up transfer might be seen in the same route of the breakout upside.
Bank Nifty
Bank Nifty has been attempting to reverse from its 7 month low and has seen 2 consecutive days of commerce the place it has breached its earlier day’s excessive however its earlier day’s low stays unscathed. This signifies presence of patrons on the decrease vary after it took assist at 48000 ranges. The weekly candle to date has been indicating a inexperienced shut whereby the shut is increased than its opening seen on Monday. This value motion signifies extension of ongoing transfer in the direction of 49400 / 49700.
ICICIGI (BUY) :
LCP: 1894.55
S/L: 1800
Target: 2100
After a 25% correction from its highs in almost 3 months, ICICIGI has confirmed resilience and created a better low on charts when the broader index is has weakened in the identical time. Stock has additionally given a sloping trendline breakout on each day charts marking an finish to this 3 month corrective consolidation. A fast 8-10% comply with up transfer can unfold as the present shut has marked a breakout of the 200 DMA as properly.
EICHERMOT (BUY) :
LCP: 5081.90
S/L: 4905
Target: 5412
Eicher Motors had given a breakout from its 6 month sideways consolidation earlier this month. The stock had since then corrected due to promoting stress in its friends and the market as an entire. At CMP the stock has retested its earlier breakout zone and is making an attempt to transfer increased. A contemporary all time excessive is seen as possible goal for the stock because it has reversed from its earlier breakout resistance which has now acted as assist.
NAVINFLUOR (BUY) :
LCP: 3714.40
S/L: 3560
Target: 4080
Navin Fluorine had damaged out from its quick time period consolidation earlier this month which was in play for the previous 6 months on each day and weekly charts. A comply with up transfer on the identical is probably going to unfold nevertheless the targets for the identical proceed to stay inside its broader consolidation vary which has fashioned between 3250 – 4250 over the previous 4 years now. Hence, an try to hit the higher finish of this wider time period vary appears to be like ripe on charts. A fast 10-12% transfer is underlying to unfold on charts of Navin Fluorine.
Disclaimer: The opinions, analyses and recommendations expressed herein are these of brokerage and don’t mirror the views of The Times of India. Always seek the advice of with a professional funding advisor or monetary planner earlier than making any funding selections.
