Stock market today: Trade setup for Nifty 50 to Q3 results today; 5 stocks to buy or sell on Thursday — 16 January, 2025

Stock market Today: During the periods of uncertainty, the main Nifty-50 gauge notched 0.16% gains, closing the trading session at 23,213.20 with the key being the momentum. The S&P BSE Sensex also finished positively with the rise of 0.29% to the level at 76,724.08. Among the sectoral indices, Bank Nifty 50 ended with a small increase at 48,751.70, but IT, realties, and energy were the major gainers in trade setup for Thursday. Yet, the increase in the broader markets was about 1% for the rest of the cap "Technically, the market is in a consolidation phase after a long period of correction.

On the high side, 23260 should be considered the main resistance level for the Nifty. Besides this level, there is still a good opportunity to return to 23350-23400. On the other hand, if it breaks the level of 23130/76300, the selling pressure will rise more", pointed out Shrikant Chouhan, Head of Equity Research, Kotak Securities:

"From a technical perspective, Bank Nifty on a daily time frame is currently consolidating. The stock has broken below both 20- and 50-DSMA levels but still hovers a little bit above the 100-DSMA. The narrow band of 47,900-48,260 is representing the immediate technical level and the stock is well placed for good bounce if it manages to sustain the same.

Stock to Buy today

Having a tactical approach, we suggest holding long positions in the given range and looking for a breakout above the upper end of the said range", says Hrishikesh Yedve, AVP- Technical and Derivatives Research at Asit C. Mehta Ltd.

"The domestic bourses have been reeling under pressure, earlier due to their dependence on a higher US bond yield. Since the stock market news is expected to be a bit more elevated, the Fed may not be able to lower rates for the short term. Besides, the probable rise in oil prices and the appreciation of the greenback can be an upsetting factor for the domestic inflation", articulated Vinod Nair, Head of Research, Geojit Financial Services.