KPI Green, Himatsingka, Data Patterns: 3 Stocks Recommended To Buy On January 31 By Prabhudas Lilladher

Trends in the Indian stock market on Wednesday will be influenced by Q3 earnings, FOMC meeting and the Interim Budget which will be announced the next day. On the trading session of January 31, Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommended buying three stocks. They are KPI Green, Data Patterns and Himatsingka Seide. The analyst sees 21,400 as the support level for Nifty on the day.

Trade Call On January 31:

Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty Spot Index to find support at 21,400 and resistance is seen around 21,700. Bank Nifty's support and resistance are expected at 45,000 and 45,800 respectively.

Koothupalakkal has recommended buying three stocks. They are:

- BUY KPI GREEN cmp 1655.55 Stop Loss 1630 Target 1720

- BUY DATA PATTERNS cmp 1953.75 Stop Loss 1920 Target 2035

- BUY HIMATSINGKA SEIDE cmp 162.95 Stop Loss 159 Target 174

While Ajit Mishra, SVP - of Technical Research, Religare Broking said, that the recent price action shows indecisiveness among the participants despite the favourable global cues and we feel the prevailing tone may continue. Meanwhile, traders should focus on stock selection and maintain positions on both sides on Wednesday.

Also, Siddhartha Khemka, Head - of Retail Research, at Motilal Oswal Financial Services said, "Though Investors expect the US Fed to maintain the status quo, the direction concerning rate cuts will hold importance. Overall, we expect the market to remain range-bound till the two large events (the US Fed meeting & India's Interim Budget) unfold."

On Tuesday, the Sensex plummeted 802 points to 71,140, while the Nifty witnessed a decline of 216 points, settling at 21,522. The Nifty Bank slipped 75 points to 45,368, and the Midcap Index experienced a significant dip of 187 points, closing at 47,792.

On the previous performance, Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Selling intensified towards the fag end as investors further slashed their positions in key stocks ahead of the Budget while weakness in several Asian indices also contributed to the overall fall. With just one day left for the Budget, investors want to play it safe although there would not be any big-bang announcement by the government in this budget. Focus would rather shift to US Fed policy but indications are that it may maintain the status quo on interest rates, which could unsettle investors further."

Moreover, Vinod Nair, Head of Research, Geojit Financial Services said, investors exhibited a reversal in strategy, adopting a cautious approach in anticipation of the upcoming FOMC meeting and interim budget amid persistent concerns regarding elevated valuations and escalating tensions in the Middle East. Further, the trend weakened in EMs as liquidation orders for a major Chinese real estate firm dampened the sentiment. The US Fed is anticipated to maintain a rate pause, close attention will be paid to any hints regarding a potential rate cut in May.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author or Greynium Information Technologies. The author, the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns. in advises users to consult with certified experts before making any investment decision.