Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Tuesday — 4 February 2025 | Stock Market News

Stock Market Today: Trump tariff spooked the global markets leading benchmark Nifty-50 index and S&P BSE Sensex also ending 0.52% and 0.41% lower at 23,361.05 and  77,186.74. The Bank Nifty at 49,210.55 ended 0.6% lower and Metals, FMCG were key prominent losers, while IT stood among prominent gainers. Broader markets also slipped nearly 1%-2%

Trade Setup for Tuesday

Nifty has an immediate support at 23,222. Below that, it could test support at 23,000. On the upside, the index faces resistance near 23,550, said Devarsh Vakil, Head of Prime Research, HDFC Securities

 Technically, the Bank Nifty has found support around 21-Days Simple Moving Average (21-DSMA).  Resistance is placed around 50,000, with immediate support at 48,900, and a breakout in either direction will determine the next move for the index, said Asit C Mehta Investment Interrmediates Ltd.

Global Markets and Q3 Results Today

Investors will watch out for US manufacturing PMI. Post Budget, the market focus will shift to global developments, including Trump’s trade policy, the upcoming RBI policy meet and the ongoing quarterly result announcements, including those from Titan, Asian Paints, Tata Power, Godrej Properties tomorrow, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services 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. Mahindra & Mahindra (M&M) – Bagadia recommends buying Mahindra & Mahindra (M&M) at ₹3173.30 keeping Stoploss at ₹3060 for a target price of ₹3395

M&M is currently trading at 3173.3, indicating an uptrend and forming a bullish reversal pattern. After a period of consolidation within the range of 3227 – 2700, the stock has recently surged with increased volume, confirming strong buying interest and reinforcing the bullish outlook. It has taken strong support from the 20-day and 50-day EMA levels, further validating the upward momentum. On the resistance side, the immediate hurdle is around 3200, a level where selling pressure has been observed in the past. A breakout above this resistance zone could drive further upside, with a short-term target of 3395.

2. UPL Ltd-  Bagadia recommends buying UPL Ltd at ₹630.25 keeping Stoploss at ₹608 for a target price of ₹674

UPL is currently trading at 630.25 on the daily timeframe, indicating a strong uptrend following a recent breakout. The stock has reached a fresh 52-week high of 636.8, reinforcing its bullish momentum. Trading well above its 20-day, 50-day, and 200-day EMAs, UPL demonstrates solid support across both short-term and long-term trends. This technical strength, coupled with the breakout above a key resistance level, suggests a strong potential for further appreciation. If the current upward momentum continues, UPL could potentially target 674 in the near term.

Ganesh Dongre’s stocks to buy today

3. Biocon Ltd– Dongre recommends buying Biocon at ₹364 keeping Stoploss at ₹354  for a target price of ₹380

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.380. At present, the stock is maintaining a crucial support level at Rs.354 Given the current market price of Rs. 364, 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.380

4. Balkrishna Industries ltd- Dongre recommends buying Balkrishna Industries at ₹2732 keeping stoploss at ₹2680 for a target price of ₹2800

We have seen a major support in this stock around Rs. 2680 So, at the current juncture, the stock has again seen a reversal price action formation at the Rs. 2732 price level, which may continue its rally till its next resistance level of Rs. 2800 so traders can buy and hold this stock with a stop loss of Rs.2680 for the target price of Rs. 2800 in the upcoming weeks.

5. ITC Ltd – Dongre recommends buying ITC ltd at ₹454 keeping Stoploss at ₹440 for a target of ₹475

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around Rs. 475. Currently, the stock is holding a crucial support level at ₹440.

Given this scenario, there is potential for the stock to rebound towards the Rs.475 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹440 to manage risk effectively. The target price for this trade is ₹475

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.