Stock market recommendations: According to Aakash Ok Hindocha, Deputy Vice President – WM Research, Nuvama Professional Clients Group, Bajaj Finserv, Muthoot Finance, and ABDL are the prime stock picks for right now. Here’s his view on Nifty, Bank Nifty and the highest stock picks for January 23, 2025:
Index View: Nifty
Pressure on Nifty eased out within the final hour of commerce after it failed to break its earlier day’s low regardless of a selloff within the broader market. After closing at seven month low on Tuesday – Nifty has proven exhaustion of sellers close to the 23k mark and a spread sure commerce between 23000 – 23300 could be seen for the remainder of this week. An enormous medium time period assist is being developed close to 22800 – 22650 whereby a 5 12 months upward trendline assist has emerged on weekly charts.
Bank Nifty
Index recovered shut to 700 factors from its intraday lows as an index heavyweight reported higher than anticipated numbers. Trading above 48850 on spot ranges would negate the quick time period bearish flag formation on hourly charts of Bank Nifty. Support has now obtained developed at 48000 ranges on the index whereas a spherical of quick overlaying could possibly be seen above 48850 for 500-700 level upside.
BAJAJFINSV (BUY)
LCP: 1743.30
SL: 1690
TGT: 1821
An uncommon shopping for curiosity is seen in Bajaj Finserv from the beginning of this calendar 12 months whereby the stock is up 11% up to now in a matter of three weeks in contrast to a 2-4% downtick on Nifty and Bank Nifty. Bajaj Finserv has claimed a ten week excessive closing on Wednesday together with a bullish flag breakout on day by day charts. This can enable the continuing influx momentum to proceed for one other 5-7% upside.
MUTHOOTFIN (BUY):
LCP: 2197.45
SL: 2130
TGT: 2310
Another stock exhibiting relative power to the peer group and total market is lower than 5% away to reclaim its all-time highs. A recent bullish flag breakout is seen on day by day charts of the scrip which now opens doorways to recent all time excessive on charts. Given the tailwind anticipated on this sector forward of the funds due subsequent week, charts counsel a reclamation of recent all-time excessive within the subsequent 8-10 buying and selling days.
ABDL (BUY):
LCP: 393
SL: 380
TGT: 426
Stock has been outperforming broader markets in addition to its friends for the previous 8 weeks now, with Nifty and broader indices remaining on the identical stage seen in finish of November 2024, the stock has seen an increase of +25% from its stage seen in finish of November 2024 signifying its relative power to peer group and total market. Currently just under 385 odd ranges, the stock has taken assist a number of occasions up to now 4-5 weeks now and the identical is probably going to maintain going ahead. A fast 8-10% reversal rally can’t be dominated out from this arrange on charts.
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.
