Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell after Budget 2025

Stock Market Today:  The benchmark Nifty-50 index ended the volatile special trading session on the Budget day, Saturday, down  0.11% at 23,482.15. For the week ending 1st February, the Nifty-50 Index was down 1.5% weekly. Even though the sectoral trend remained mixed bag, Bank Nifty ended at 49,506.95 with gains of 2.4% weekly, and Realty and Autos remained key gainers. IT & Telecom stood among the key losers. Broader indices, on the other hand, closed  flat

Trade Setup for Monday

Shrikant Chouhan, Head of Equity Research at Kotak Securities, the short-term market texture is bullish, but due to temporary overbought conditions, we could see range-bound action in the near future. For Nifty, the 20-day SMA, 23,270 and 23,100, would act as key support zones, while the 50-day SMA, 23,810 and 23,900, could be the key resistance areas for the bulls.

Chouhan said that Bank Nifty’s bullish formation is likely to continue as long as it is trading above its 20-day SMA or 49,000, with key resistance at 50,250 and 50,500.

Global Markets, Q3 Results Today and Budget 2025

Looking ahead, the impact of the Union Budget may continue to influence markets initially, but the focus will soon shift to corporate earnings and the upcoming RBI MPC meeting. Market participants will closely monitor the policy review for any indications of further monetary support following the recent liquidity measures. Major earnings announcements from Bharti Airtel, ITC, Titan, Hero Motocorp, and M&M, among others, will also be in focus. Additionally, FII flows, high-frequency economic data and global cues will remain key factors, said Ajit Mishra – SVP, Research, Religare Broking Ltd

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks.

Sumeet Bagadia’s stock recommendations today

1] Bajaj Healthcare Ltd– Dongre recommends buying Bajaj Healthcare at ₹689.15, keeping Stoploss at ₹660 for a target price of ₹740.

The stock is currently trading at 689.15 levels. The stock has surged significantly, marking a new high of ₹699., a positive sign that the upward momentum may continue. This sustained growth is underpinned by positive market sentiment supported by higher trading volumes, which suggests that more investors are confident in the stock’s potential.

2] Shaily Engineering Plastics Ltd– Bagadia recommends buying Shaily Engineering Plastics Ltd at ₹1613.4 for a stop loss of ₹1560 for a target price of ₹1730

Shaily Engineering Plastics daily chart indicates a significant shift in market dynamics, transitioning from a period of slight declines and sideways consolidation to a promising upward movement. The current trading session shows an upward momentum, breaking out of a narrow range and forming a double-bottom pattern on the daily chart. Any upmove above 1650 could potentially signal a breakout to the upside. This development aligns with a positive short-term trend, supported by a notable increase in trading volume.

Ganesh Dongre’s stocks to buy today

3] ICICI Securities Ltd- Dongre recommends buying ICICI Securities at ₹834 keeping Stoploss at ₹820 for a target price of ₹860

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 860. The stock is currently maintaining a crucial support level at Rs.820. Given the current market price of Rs.834, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 860.

4] Axis Banks Ltd–  Dongre recommends buying Axis Bank at ₹998, keeping Stoploss at ₹975 for a target price of ₹1025.

We have seen major support in this stock around Rs. 975. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹998 price level. It may continue its rally until its next resistance level of ₹1025. Therefore, traders can buy and hold this stock with a stop loss of Rs.975 for the target price of ₹1025 in the upcoming weeks.

5. DLF Ltd– Dongre recommends buying DLF at ₹760, keeping Stoploss at ₹745 for a target price of ₹795

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 795. Currently, the stock is holding a crucial support level at ₹745.

Given this scenario, there is potential for the stock to rebound towards the Rs.795 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹745 to manage risk effectively. The target price for this trade is Rs.795, reflecting the anticipated upward movement based on the identified technical.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment.