Stock market recommendations: According to Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group, Minda Corporation, Oberoi Realty, and OIL are the top stock picks for today. Here’s his view on Nifty, Bank Nifty and the top stock picks for January 9, 2025:
Nifty
Nifty saw a bout of short covering in second half of Wednesday’s trade ahead of its weekly expiry scheduled today allowing the index to end flat. Index had been reeling under pressure since it broke below its 200 DMA earlier this week. Though overall view on charts show further downside, the current short covering leg could take index back to 23900 – 23950 wherein it could retest its 200 DMA support turned into resistance. Nifty has rejected closing below 23500, not one, two but thrice in the past 3 weeks of trade showing that there is a presence of short term buyers.
Bank Nifty
Bank Nifty hit a fresh 7-month low in yesterday’s session, while the current short covering was seen on this index as well which helped recover more than 50% of its intraday losses. Bank Nifty is on the verge of facing a 6 month long head and shoulder pattern breakdown with neckline seen at 49600 on a closing basis. For now a trade between 49600 – 50600 could be seen playing out for the rest of this week on the index unless a clear path is not formed by the index on daily closing basis.
MINDACORP (BUY) :
LCP : 532.90
S/L : 511
Target : 585
MINDACORP is showing early signs of ending its 4.5 month corrective consolidation as the stock continues to find repeated support at its 200 DMA. Only in the past 3 months, stock has taken support and bounced off more than 5 times from its 200 DMA making this moving average a strong dynamic support zone for the scrip. A downward sloping trendline marking the ongoing consolidation is on the verge of giving a breakout above 535 closing which could allow further momentum on the scrip going forward.
OBEROIRLTY (BUY) :
LCP : 2282.40
S/L : 2196
Target : 2535
Stock has been in a sideways consolidation for the past 3 weeks now, this week’s price action confirms beginning of fresh leg upside. OBEROIRLTY has been outperforming its peers as well as the sectoral index NIFTYRLTY as the index has cooled of nearly 14% from its recent high in the past 2 quarters, while the stock has gained 35% in the same period. This outperformance is likely to continue for another 10-12% upside on the stock as consolidation nears to an end as per daily chart pattern.
OIL (BUY) :
LCP : 491.70
S/L : 470
Target : 546
Shares were drooling under pressure last month after it broke below a bearish cup and handle pattern, however that bearish price action has negated strongly from the start of this new calendar year due to multiple external triggers. This has created a huge short covering move on the stock while a 38.2% retracement of its 44% correction seen over 4 months – seems to be a realistic target on the same. Momentum is likely to continue till 540/560 on the scrip in the short term.
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.
