The Indian stock market on January 23, 2025, began on a weak note as indices opened in negative territory. Despite the initial slump, market experts suggest a few shining opportunities amidst the broader downtrend. Among the most promising stocks are Bajaj Finserv Ltd. and HDFC Bank Ltd., which Osho Krishan, a Senior Analyst from Angel One, strongly recommends buying today.
With a mix of technical breakouts and oversold signals, these stocks appear poised for potential gains in the short to medium term. Let’s dive deeper into why these two stocks are worth your attention and investment.
What Makes Bajaj Finserv a Buy Today?
Bajaj Finserv has displayed a bullish breakout from a consolidation phase, supported by technical indicators aligning in its favor:
- Symmetrical Triangle Breakout: On a broader time frame, Bajaj Finserv has successfully re-tested the neckline of its symmetrical triangle breakout, signaling further upward momentum.
- Moving Average Alignment: Short-term EMAs have crossed above the 200 SMA on the daily chart, suggesting sustained bullishness.
- Strong Momentum: The stock is poised to maintain its momentum with technical indicators affirming the trend.
Trading Recommendation for Bajaj Finserv:
- Buy Range: ₹1,730–₹1,720
- Stop Loss: ₹1,660
- Target Price: ₹1,820
With a strong technical setup and market sentiment supporting a positive outlook, Bajaj Finserv is positioned as a high-potential stock for investors today.
MUST READ: Coforge Ltd Stock Jumps 12% After Reporting 42% YoY Revenue Growth and Announces Dividend
Why Is HDFC Bank Recommended for Purchase?
HDFC Bank, after enduring a significant correction of nearly 14% from its peak of ₹1,880, has now entered a phase of consolidation, presenting an excellent buying opportunity:
- Oversold Zone: Technical indicators show that the stock has dipped into oversold levels, signaling the potential for a reversal.
- Consolidation Near Key Levels: Over the past few weeks, HDFC Bank has consolidated near its 200 SMA, with strong support seen around the ₹1,620–₹1,600 range.
- Positive Crossover: Recent sessions have displayed a positive crossover in technical indicators, marking the early stages of a recovery trend.
Trading Recommendation for HDFC Bank:
- Buy Range: ₹1,650
- Stop Loss: ₹1,600
- Target Price: ₹1,740
With HDFC Bank showing signs of reversing its corrective phase, this stock offers a promising risk-reward ratio for short-term gains.
What’s the Market Sentiment Today?
The Indian stock market began Thursday on a weak note, with indices declining due to selling pressure:
- Sensex: Opened 175.15 points down at 76,229.84.
- Nifty 50: Dropped 51.20 points, opening at 23,104.15.
Out of the Nifty 50 stocks:
- Advancing Stocks: 10
- Declining Stocks: 40
- Unchanged Stocks: 1
This trend reflects weak investor sentiment amidst ongoing global and economic challenges. However, specific themes and stocks, like Bajaj Finserv and HDFC Bank, are standing out as opportunities in an otherwise subdued market.
What Should Investors Watch Out for in the Market?
Key Trends to Note:
- Institutional Activity:
- FIIs (Foreign Institutional Investors) are selling consistently.
- DIIs (Domestic Institutional Investors) are buying to offset the sell-off.
- Focus on Quality:
- Large-cap stocks like Bajaj Finserv and HDFC Bank are exhibiting resilience, even as the broader market struggles.
- Global Factors:
- Elevated dollar index and US bond yields are discouraging FII participation, limiting market rallies despite oversold conditions.
FAQs
Why is Bajaj Finserv a good buy today?
Bajaj Finserv has shown a breakout from a symmetrical triangle pattern, backed by strong technical indicators and bullish momentum, making it an excellent pick.
What is the recommended price range for Bajaj Finserv?
You can buy Bajaj Finserv in the range of ₹1,730–₹1,720, with a target price of ₹1,820.
Why is HDFC Bank considered a good stock to buy now?
HDFC Bank has entered the oversold zone after a significant correction and is consolidating near key support levels, showing signs of a potential reversal.
What is the target price for HDFC Bank?
The recommended target price for HDFC Bank is ₹1,740, with a stop loss at ₹1,600.
How did the Indian stock market perform today?
The Sensex opened 175.15 points lower at 76,229.84, while the Nifty 50 dropped 51.20 points, starting at 23,104.15.
What are the key support levels for Nifty 50?
Nifty 50 has a support zone around 23,000–22,900, followed by additional support near 22,800–22,700.
Why are FIIs selling while DIIs are buying?
FIIs are selling due to elevated US bond yields and a strong dollar index, while DIIs are stepping in to maintain stability in the domestic market.
A passionate content writer specializing in creating engaging, SEO-optimized content. With expertise in blogs, web copy, and storytelling, I craft words that connect with audiences and deliver results.