Best Stocks To Buy Today: Cipla, Voltas Among Top 5 Picks For January 1, 2025
Best Stocks To Buy: VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that domestic equities may face near-term weakness due to subdued GDP and earnings growth
Best Stocks To Buy Today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in the green on Wednesday, marking the first trading day of the New Year 2025. The BSE Sensex gained 100 points, while the Nifty50 held above the 23,600 mark at the time of market opening.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out that domestic equities may face near-term weakness due to subdued GDP and earnings growth. The strong dollar (with the Dollar Index at 108.5 per cent) and rising US bond yields could prompt continued selling by foreign institutional investors (FIIs) in early 2025, despite the counterbalancing support from domestic institutional investors (DIIs). Furthermore, high valuations and sluggish growth are likely to dampen market sentiment.
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
NEOGEN
NEOGEN has developed a rectangle pattern on the daily chart, with a potential breakout expected to occur on the upside due to a shortfall within the formation. The stock is consistently respecting its 100 EMA, which is anticipated to act as a strong support level in the near term. Moreover, the increase in volume during today's session indicates strong buyer interest. Given this technical setup, a long position in NEOGEN can be considered as long as the stock remains above Rs 1980, with an upside target of Rs 2700.
GHCL
GHCL has completed its 4th wave and is currently in the midst of its 5th impulsive wave. The surge in volume during today’s session highlights strong buyer interest. The stock has found support at the 20 EMA, which is expected to act as a robust support level in the coming days. As per this technical analysis, a long position can be initiated in GHCL as long as it stays above Rs 650, with an upside target of Rs 860.
CIPLA
On the daily chart, CIPLA has closed above a falling trendline, signalling an upside breakout. The steady rise in volume highlights strong buying interest. The stock is trading above both the 50 EMA (Fast) and 200 EMA (Slow), reinforcing the ongoing uptrend. Based on this setup, a buy-on-dip strategy can be considered in CIPLA as long as it holds above Rs 1480, with potential targets of Rs 1610–Rs 1660.
Voltas
Voltas has rebounded from the rising trendline, resuming its upward trajectory. The stock is forming higher highs and higher lows, signalling a bullish trend. It has also found support at the 100 EMA, which is expected to serve as strong support in the coming days. Additionally, the price has closed above the Ichimoku Cloud, signalling sustained bullish momentum. The RSI is trending upwards, complementing the positive price action.
With this technical outlook, a long position can be initiated in Voltas as long as it holds above Rs 1685, with an upside target of Rs 1997.
Balkrishna Industries
Balkrishna Industries is forming a pattern of higher highs and higher lows, indicating an uptrend. The stock has closed above its previous high, signalling a breakout. It has also broken out of an ascending triangle pattern, further confirming the bullish trend. Based on this setup, a long position can be initiated in Balkrishna Industries as long as it holds above Rs 2810, with a potential target of Rs 3110.
Disclaimer: Investing in the stock market involves financial risks. Please invest responsibly and only after thorough research and careful consideration. Reader discretion is advised.
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