Buy Marico, SRF, Sell Feb Futures of HPCL: Ajit Mishra of Religare Broking

Stocks to Buy Today, Jan 30: Nifty is recovering amid choppy conditions and approaching its critical resistance at 23,300 (20-DEMA)

Stock Market Today, Jan 30:

Nifty50 share price: 23,163.10

India stock markets, on Wednesday, managed to inch higher despite volatility, gaining nearly 1 per cent amid mixed cues. The Nifty saw sharp fluctuations in early trade but gradually strengthened, closing near the day's high at 23,163.10. 

Looking ahead, market participants will react to the US Fed meeting outcome in early Thursday trades, followed by the focus shifting to the January derivatives expiry.  

On the benchmark front, Nifty is recovering amid choppy conditions and approaching its critical resistance at 23,300 (20-DEMA). A decisive close above this level could extend the recovery, while failure to do so may trigger profit-taking. Given the current rebound, traders should maintain a cautious stance and prefer hedged positions.

 

Stocks to Buy Today, January 30: 

SRF Limited | Last Traded Price: Rs 2,664.85 | Buy | Share price target: Rs 2,880 | Stop-loss: Rs 2,560

SRF share price has successfully broken out of a prolonged consolidation phase of over two years and is showing strong potential for an upward move. The price surge, coupled with significant volumes, reinforces the bullish sentiment. We recommend initiating fresh long positions at the current levels.

Marico Limited | LTP: Rs 674.40 | Buy | Share price target: Rs 720 | Stop-loss: Rs 654

Marico share price has emerged as a strong performer in the FMCG sector, steadily gaining momentum after retesting the neckline of its previous consolidation range. Marico share has formed a buying pivot while holding support above its 20-WEMA. Marico stock price action suggests a gradual ascent toward its all-time high. Traders may consider initiating fresh long positions within the recommended range. 

Hindustan Petroleum Corporation Limited | LTP: Rs 347.00 | Sell Feb Fut | Target: Rs 332 | Stop-loss: Rs 354

Following a breakdown from its distribution pattern, HPCL share price has been facing selling pressure on every rebound. With a lower top-lower bottom structure and trading below key moving averages, the prevailing weakness is expected to persist. Traders may consider initiating short positions within the suggested range.      =======================  Disclaimer: Ajit Mishra is SVP of research at Religare Broking. Views expressed are his own.