Indian stock exchanges had built up momentum for a second consecutive trading day on January 29, closing with gains. Banking stocks were the clear saddle pads of the market uptrend, coupled with IT shares.
Nifty50 finished at 23,163.10, a gain of 0.9% against the last session close of 22,957.25. Sensex closed at 76,532.96 after gaining 0.83%, from the last session’s close of 75,901.41.
Takeaways from Stock Market Today and Some Expert Opinions
Market Outlook and Countdown Toward Budget 2025
With the Union Budget 2025 round the corner, the investors are glued to developments regarding capital expenditure and consumption-linked sectors. They all view the trends ahead as stock-specific actions will be the key for the market as the investors react to the Q3 earnings and the policy announcements in the budget.
Siddhartha Khemka, Head of Research – Wealth Management at Motilal Oswal: “Investors will keep a close tab on developments relating to the budget, with sharp focus on capex and consumption-linked sectors. Key Q3 results expected today are Sun Pharma, ONGC, Nestlé, Vedanta, and IndusInd Bank. We expect the market to be range-bound with stock and sector-specific action before the near Union Budget 2025 and on-going Q3 result.”
Technical analysis of Nifty50
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, made an analysis on Nifty 50 index and said, “The short-term trend of Nifty remains positive and the recent price action indicates further upswing momentum to strengthen. A decisive break above 23,350-23,450 levels could lead to short covering and all-round optimism. On the downside, 23,100 is an immediate support.”
Technical Outlook of Nifty Bank
The bank Nifty index also displayed some strength during the session. It opened flat with buying interest to end positively at 49766.50.
Insights from technical analysis on Bank Nifty were given by Hrishikesh Yedve, AVP – Technical and Derivatives Research at Asit C. Mehta. For the most part, he said, “On a daily chart, Bank Nifty has formed a green candle, indicating strength. Additionally, it has sustained above its 21-day Simple Moving Average (21-DSMA) of 49,200, making it a strong support level. On the upside, 49,650 will remain a hurdle zone. As long as the index holds above 49,200, the bullish momentum should continue, making buying on dips suitable for traders.”
10 Top Stocks to Invest in Under ₹100 Before the Budget 2025
With Budget 2025 approaching, some analysts have picked certain stocks under ₹100 which, in their view, are affordable options for making a decent short-term gain. Such stocks have been recommended by Market Experts Sumeet Bagadia (Executive Director of Choice Broking) and Sugandha Sachdeva (Founder – SS WealthStreet).
Stocks picked by Sumeet Bagadia are:
1️⃣ Ujjivan Small Finance Bank (SFB)
Buy Price: ₹35.38
Target Price: ₹38
Stop loss: ₹34
Analysis: Ujjivan SFB is set to gain from the PSU banks’ overall growth momentum.
2️⃣ J&K Bank
Buy Price: ₹99.22
Target Price: ₹106
Stop loss: ₹95
Analysis: With all-around improvement in financial performance and the general outlook of the banking space, J&K Bank presents a safe bet below ₹100.
Stock picks given by Sugandha Sachdeva:
3️⃣Vascon Engineers
Buy Price: ₹47.70
Target Price: ₹49.40
Stop loss: ₹46.50.
Analysis: Vascon Engineers is one of the companies set to benefit from the government’s push for infrastructure in the next Fs 109 budget, which makes it a good pick for quick gains.
4️⃣3i Infotech
Buy Price: ₹28.40
Target Price: ₹30
Stop loss: ₹27.50.
Analysis: 3i Infotech has resumed its good momentum in the IT Industry, thus proving to be a good counter pick for traders looking for small returns in quick time.
Conclusion
With the market continuing to be volatile in the run-up to Budget 2025, investors are advised to look actively for stock-specific opportunities and technical breakouts. The below 100 stock are effectively positioned within a decent risk-reward scenario, trading below strong fundamentals and momentum. However, investors should never lose their grip over market sentiments, company earnings and policy-driven decisions before taking the plunge to invest.
For someone wanting to ride the quick gains, especially on an opportunistic and short-term basis, buy-on-dips, with a the stop-loss strategy with remarkable discipline, will serve to navigate market fluctuations.