Stock Market Today: Nifty 50 to trade set-up for global markets; 5 stocks to buy or sell on Friday — January 3, 2025

indian stock marketEquity benchmark indices extended gains on Thursday, with the Sensex gaining 1,436 points to end at 79,944 and the Nifty gaining 446 points to end at 24,189. Both indices rose nearly 2%, driven by strong performance in the IT and automotive sectors.

On Thursday, the Sensex crossed the 80,000-mark, while the Nifty 50 crossed the 24,200-mark. Additionally, the Nifty index regained key technical benchmarks and was trading above the 20-day and 50-day moving averages during the trade.

Thursday’s trading setup

On the outlook for Nifty, Rupak De, senior technical analyst at LKP Securities said, “The Nifty has moved above the 200-day EMA after several failed attempts in the last few sessions. Additionally, the index has broken out on the daily time frame The 21-day EMA confirms that the RSI is also in a bullish crossover with support at 24,000, while on the higher end, the index may head towards 24,500.

Stocks bought today

Choice Broking executive director Sumeet Bagadia recommended two stocks today. Ganesh Dongre, senior manager of technical research at Anand Rathi, recommends three stocks.

Buy Sumeet Bagadia Stock Today

1.policy bazaar – Bagadia recommends purchasing Policy Bazaar $2203.25, stop loss remains at $Target price 2120 $2350.

POLICYBZR is showing strong bullish momentum, evident from the sharp rise and notable close $2203.25. The stock has seen strong buying interest, leading to consecutive gains and an attempt to consolidate after its recent surge.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock’s positive momentum. Not only does the RSI signal a positive trend, it also aligns with stocks trading above key moving averages, including the 20-day, 50-day, and 200-day exponential moving averages (EMA). This convergence highlights the continued strength of POLICYBZR price action.

The surge in volume associated with the price increase also shows strong interest, and if this momentum maintains the bullish outlook for POLICYBZR Industries, the rally is likely to continue. Traders and investors may find this analysis suggests the stock has potential for continued upside.

Based on the above analysis, we recommend buying POLICYBZR in cash at CMP 2203.25, with a target of 2350 and a stop loss of 2120.

2. Pearl Global Industrial Co., Ltd. – Bagadia recommends purchasing PGIL $1533.6 Keep stop loss at $Target price 1480 $1616.

PGIL daily chart analysis offers a favorable outlook for next week, indicating a steady move higher. It is worth noting that the stock has formed a clear pattern of higher highs and higher lows, and the company’s recent upward move has effectively broken through the neckline and significantly exceeded the key resistance level near 1480 points. A breakthrough indicates that there may be a major breakthrough in the future and the stock price will rise upward.

This trend shows that the stock has strong momentum. PGIL has the potential to hit price target $1616 Recent.

In addition to the positive momentum, transaction volume has also increased, indicating growing market interest. The stock has developed strong bullish momentum on the daily chart, suggesting the uptrend may continue. Furthermore, PGIL is currently trading above its key 20-day, 50-day and 100-day exponential moving average (EMA) levels, reinforcing the bullish trend.

For traders, it is recommended to keep an eye on the strong support near 1480 as a break above this level could signal a shift in sentiment.

Based on the above analysis, we recommend buying PGIL and CMP at 1533.6, stop loss at 1480, and target 1616.

Ganesh Dongre stocks worth buying today

3. AB Capital: Dongre recommends buying AB Capital $184 Keep your stop at $177 target price $195.

In the stock’s recent short-term trend analysis, there is a clear bullish reversal pattern. This technical pattern suggests that the stock price may temporarily pull back, potentially reaching $195. Currently, the stock is holding at key support levels of Rs. 177. Given that the current market price is Rs. 184, a buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price, which is expected to rise towards the stated target of Rs 195.

4. REC Ltd.: Dongre recommends buying REC Ltd $520 Keep stop loss at $510 target price $535.

A clear bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that the stock price may temporarily pull back, potentially reaching $535. The stock currently holds at key support levels $510. Given the current market price $520, a buying opportunity is emerging. This suggests investors might consider buying the stock at the current price, with the stock expected to rise to its stated target $535.

5. Alipay: Dongre recommends buying Paytm $980 keeps stop loss at $Target price 960 $1010.

A clear bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that the stock price may see a temporary correction, possibly to around Rs. 1010. The stock currently holds at the key support level of Rs 960. Given the current market price of Rs 980, a buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price, which is expected to rise towards the stated target of Rs. 1010.

Disclaimer: The above views and recommendations only represent the views and recommendations of individual analysts or brokerage firms, not those of Mint. Investors are advised to consult a certified expert before making any investment decisions.