Stock market recommendations: According to Sagar Doshi, senior vice president-research, Navama Professional Clients Group, ICICI Lombard General Insurance, Eicher Motorsand Niven Florian are Picks the top stocks His view on Nifty for today is, Bank Nifty And pick the top stocks for January 16, 2025:
Nifty
The Nifty witnessed a second day in the green with modest follow-up however Monday’s trading range was largely limited. After the formation of the inner bar, the index traded at the previous day’s high but did not close above it indicating that a short-term trend may open to the upside from here. An immediate 1.5-2% follow-up move to the upside of the breakout can be seen.
Bank Nifty
Bank Nifty is trying to bounce back from its 7-month lows and has seen 2 consecutive days of trading where it broke the previous day’s high but held its previous day’s low. is This indicates the presence of buyers in the lower range after taking support at the 48000 level. The weekly candle so far is indicating a green close with the close higher than Monday’s open. This price action indicates an extension of the ongoing move towards 49400/49700.
ICICIGI (Buy):
LCP: 1894.55
S/L: 1800
Target: 2100
After a 25% correction from its highs in about 3 months, ICICIGI has shown resilience and made a higher low on the chart when the broader index weakened over the same period. The stock has also given a sloped trendline breakout on the daily chart that ends this 3-month corrective consolidation. An immediate 8-10% follow-up move could emerge as the current close has also marked a breakout of the 200 DMA.
EICHERMOT (Buy):
LCP: 5081.90
S/L: 4905
Target: 5412
Eicher Motors broke out of its 6-month sideways consolidation earlier this month. The stock has since corrected due to selling pressure from its peers and the market as a whole. The stock has retested its previous breakout zone at the CMP and is attempting to move higher. A fresh all-time high is seen as a possible target for the stock as it has reversed from its previous breakout resistance which has now acted as support.
NAVINLUOR (Buy):
LCP: 3714.40
S/L: 3560
Target: 4080
Navin Fluorine earlier this month broke out of its short-term stability that has been in place for the past 6 months on the daily and weekly charts. A follow-up move is likely to emerge on this but the targets for this remain within its broader stability range which has been between 3250 – 4250 over the last 4 years. So, trying to hit the upper end of this broader term range looks ripe on the charts. A bullish move of 10-12% is about to unfold on Navin Fluorine’s chart.
Disclaimer: The views, analysis and recommendations expressed herein are those of the brokerage and do not reflect the views of The Times of India. Always consult a qualified investment advisor or financial planner before making any investment decision.