Best Stocks To Buy Today: IREDA, IRB Among Top 5 Picks For January 2, 2025
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Leading indicators available so far do not indicate a pick up in economic growth"
The BSE Sensex and Nifty50, the benchmark indices for Indian equities, opened on a positive note on Thursday. The BSE Sensex was trading above the 78,700 mark, while the Nifty50 hovered near 23,800 at the time of market opening.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Leading indicators available so far do not indicate a pick up in economic growth. GST collections for December have declined 2.97 per cent MoM indicating continuation of the slowdown. Therefore, Q3 corporate earnings are unlikely to register a rebound. This means investors have to focus on segments which will buck the slowdown like IT, pharma and to some extent financials. Luxury consumption like hotels, jewellery and aviation also are likely to post good results.”
Stock Recommendations By Kunal Kamble, Senior Technical Research Analyst At Bonanza
Authum Investment And Infrastructure Ltd
Authum Investment and Infrastructure Ltd has shown strong bullish momentum after retracing and nearly engulfing a three-week price move, closing higher with a solid bullish candle. The increase in volume during today's session indicates strong buyer interest at current levels. The stock trading above the Ichimoku Cloud further supports the bullish outlook. Given this technical setup, a buy-on-dip strategy could be considered, as long as the stock remains above Rs 1700, with potential targets of Rs 2258–Rs 2300.
TANLA
On the daily timeframe, TANLA closed above the descending trend line, signalling a breakout to the upside. Increased volume suggests strong buying interest. The stock trading above both the Conversion Line and Base Line indicates a shift to an uptrend. A buy-on-dip strategy may be considered in TANLA as long as the stock stays above Rs 710, with potential targets of Rs 830–Rs 880.
PRAJIND
PRAJIND has closed at an all-time high with rising volumes, reflecting significant buyer interest. The stock's position above the 20 and 50 EMAs further validates the ongoing uptrend, while the RSI's upward movement aligns with the bullish price action. Based on this setup, a long position in PRAJIND could be initiated with a stop-loss at Rs 815 and an upside target of Rs 902–Rs 950.
IREDA
On the daily timeframe, IREDA has closed above the falling trend line, signalling an upside breakout. A steady increase in volume points to strong buying interest. The stock trading above both the 50 EMA (Fast) and 200 EMA (Slow) indicates the continuation of the uptrend. A buy-on-dip strategy may be considered in IREDA as long as the stock stays above Rs 214, with potential targets of Rs 235–Rs 250.
IRB
After an impulsive move, IRB retraced to the 0.618 Fibonacci level before resuming its upward trajectory, closing above the 11-day moving average. This suggests that buyers are regaining control. The increasing volume further supports the likelihood of a continued uptrend. The stock's position above the Conversion Line and Base Line highlights sustained bullish momentum. A long position in IRB may be considered as long as the stock stays above Rs 54.48, with potential targets of Rs 69.66–72.
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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