Investment and Market Outlook for January 7

Today, January 7, here are some of the best stock suggestions for investing in the stock market. Sumit Bagadia, Executive Director, Choice Broking and Ganesh Dongre, Senior Manager, Technical Research, Anand Rathi share their views on possible market trends along with stock picks for today.

Sumit Bagadia’s recommendation

PG Electroplast Limited (PGEL):

• Buying price: ₹996.4.
• Target: ₹1,075.
• Stop Loss: ₹965.
  PG Electroplast Limited is Sumit Bagadia’s first choice for today. He believes that the stock can rise above its current levels, provided the stop loss is strictly followed.

Ganesh Dongre’s recommendations

1. Central Depository Services Limited (CDSL):

• Buying price: ₹1,725.
• Target: ₹1,760.
• Stop loss: ₹1,700.
  Ganesh Dongre at CDSL says the stock may perform well in the short-term and it is important to follow the stop loss.

2. RBL Bank Limited:

• Buying price: ₹167.
• Target: ₹174.
• Stop Loss: ₹163.
  Recommending buying RBL Bank today, Dongre said that this stock is indicating improvement in the banking sector.

3. Concord Biotech Limited:

• Buying price: ₹2,143.
• Target: ₹2,200.
• Stop loss: ₹2,100.
  Regarding Concord Biotech, Dongre believes that this stock can give good returns to investors.

How will the market move today?

Nifty 50 and Bank Nifty Outlook:

• Nifty:
  • Last day Nifty saw a fall of almost 400 points and closed near 23,600.
  • Daily Chart:
    • It fell below the 200-period moving average (MA) of 23,900, indicating bearishness on the daily charts.
    • Key Support Levels:
      • Nifty has support at 23,500 level.
      • If this level is broken, the next major support is at 23,300.
    • If this level is also broken, then panic selling may be seen in the market.

Vaishali Parekh (Market Expert):
“Nifty is in a weak position at the moment, and it needs to maintain the levels of 23,500-23,300. “If this level is broken, the negative trend could become more pronounced for the market.”

Today’s strategy in brief