Stock market today: Trade setup for Nifty 50 to US dollar; 5 stocks to buy or sell on Thursday — 9 January 2025
Live MintStock market today: The domestic stock markets avoided a significant drop on Wednesday, January 8, as the index heavyweights like Reliance Industries supported the indices to recover and close marginally in the red zone. Trade Setup for Monday On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessing a volatile session once again maintained the important support zone of 23,500 levels and with a pullback seen has closed on a flat note with the index precariously placed having the bias and sentiment maintained with a cautiously positive approach.” “The index would need to sustain above the 23,800 level and thereafter, the significant 200 period MA of 23,920 level to improve the bias and establish conviction to anticipate for further upward move in the coming days,” said the stock market expert. Entering the stock at the current market price of ₹2,350.95, with a stop loss at ₹2,268 and a target of ₹2,516, offers a compelling strategy to capitalize on its bullish momentum. We have seen a major support in this stock around ₹1,585 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹1,602 price level, which may continue its rally till its next resistance level of ₹1,635 so traders can buy and hold this stock with a stop loss of Rs.1585 for the target price of ₹1,635 in the upcoming weeks.