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 top stock picks for today. Here’s his view on Nifty, Bank Nifty and the top stock picks for January 16, 2025:
Nifty
Nifty witnessed a second day with a minor follow up in green however remains confined within the large range of Monday’s trade. After an inside bar formation, the index has traded above its previous day’s high but not closed above the same indicating that the short term trend could unveil on the upside from here on. A quick 1.5-2% follow up move could be seen in a similar direction of the breakout upside.
Bank Nifty
Bank Nifty has been making an attempt to reverse from its 7 month low and has seen 2 consecutive days of trade where it has breached its previous day’s high but its previous day’s low remains unscathed. This indicates presence of buyers at the lower range after it took support at 48000 levels. The weekly candle so far has been indicating a green close wherein the close is higher than its opening seen on Monday. This price action indicates extension of ongoing move towards 49400 / 49700.
ICICIGI (BUY) :
LCP: 1894.55
S/L: 1800
Target: 2100
After a 25% correction from its highs in nearly 3 months, ICICIGI has showed resilience and created a higher low on charts when the broader index is has weakened in the same time. Stock has also given a sloping trendline breakout on daily charts marking an end to this 3 month corrective consolidation. A quick 8-10% follow up move can unfold as the current close has marked a breakout of the 200 DMA as well.
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 selling pressure in its peers and the market as a whole. At CMP the stock has retested its previous breakout zone and is attempting to move higher. A fresh all time high is seen as likely target for the stock as it has reversed from its previous breakout resistance which has now acted as support.
NAVINFLUOR (BUY) :
LCP: 3714.40
S/L: 3560
Target: 4080
Navin Fluorine had broken out from its short term consolidation earlier this month which was in play for the past 6 months on daily and weekly charts. A follow up move on the same is likely to unfold however the targets for the same continue to remain within its broader consolidation range which has formed between 3250 – 4250 over the past 4 years now. Hence, an attempt to hit the upper end of this wider term range looks ripe on charts. A quick 10-12% move is underlying to unfold on charts of Navin Fluorine.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.