Stocks to buy: Raja Venkatraman recommends three stocks for today — 29 January
Subscribe to enjoy similar stories. After two consecutive days in the red, Sensex and Nifty rebounded, with Nifty Bank surging nearly 2%. The optimism was driven by the Reserve Bank of India's liquidity-boosting measures, which kindled hopes of a potential rate cut in February.
On the flip side, healthcare and FMCG stocks lagged. The benchmarks started the day strong, recovering from a seven-month low touched in the previous session. This sell-off was fuelled by lacklustre Q3 earnings, uncertainties surrounding U.S.
President Donald Trump's trade policies, and persistent foreign outflows. At the close, the Sensex had climbed 535 points (0.7%) to 75,901, while the Nifty 50 rose by 147 points (0.6%) to 22,976. On the NSE, 987 stocks advanced, while 1,582 declined.
Also Read: Record FII exodus shakes India’s stock markets even as domestic funds step up Looking ahead, market volatility is anticipated to persist in the lead-up to the FOMC and Budget 2025. Post-budget, the RBI meeting will be in focus, alongside ongoing Q3 earnings reports. Despite the potential for bounce backs, driven largely by large-cap stocks and the RBI's liquidity measures, significant volatility is expected to continue.
With Nifty once again reviving challenging Pitchfork resistances on Daily chart around 23200 forcing the bearish camp to rethink. While the fight between both the groups to claim leadership levels the possibility of the markets turning lower garnered momentum. The pullback to the follow-through area highlighted on the chart combining with the trendline support.
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