Stock Market LIVE: Nifty above 18K, Best stock to buy now

January 17, 2023 admin

Stock Market LIVE Today 17 Jan 2023: Indian equity markets opened slightly on the higher side on Tuesday tracking mixed global cues. Nifty today opened at 17922.80 points up by only 27.95 points while Sensex made a positive start of 49.11 points at 60142.08. Soon after opening markets gained momentum in the northward direction on account of buying in the selected heavyweights led by HUL, HCL Technologies.

Initially, markets started with a cautious note as India’s exports contracted 12.2 percent to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period. Imports also declined 3.5 percent to $58.24 billion in December 2022, as against $60.33 billion in the year-ago period.

However, some support came in as the Reserve Bank of India said the fiscal health of the subcontinent`s states is on the mend, with the consolidated gross fiscal deficit to gross domestic product ratio seen falling to 3.4% from 4.1% for the previous year.

Stock Market Live Today

Market Live at 12 pm IST, the Indian stock market indices, Sensex and Nifty are trading higher by 0.67 percent and 0.72 percent respectively. The Bank Nifty is also trading higher by 0.32 percent at 12 pm IST. The broader markets are trading mixed at this moment, as the Nifty midcap is trading lower by 0.14 percent while the smallcap index is trading higher by 0.10 percent at this time.

Among the sectors, Energy, FMCG, and IT sectors are trading higher whereas Media, PSU Bank, and Pharma are trading in the red. The top gaining Nifty 50 stocks at this moment are Larsen, HUL, and HCL Tech while the losing stocks are IndusInd bank, Tata Steel, and Bajaj Finserve.

Stocks in News Today

Morgan Stanley Asia Singapore Pte bought 1.98 lakh shares of Tata Metallics, a subsidiary of Tata Steel via open market transactions. These shares were purchased at an average price of Rs 834.67 per share. The share price of Tata Metallics is trading marginally lower by 0.27 percent at Rs 832.35 per share

NTPC Renewable Energy, the subsidiary of NTPC has signed a Memorandum of Understanding (MoU) with the Government of Tripura for the Development of Floating and Ground Mounted based Renewable Energy Projects in the State of Tripura. The share price of NTPC is trading higher by 0.81 percent at Rs 167.50 per share

The V-Mart share price fell after a fire accident took place in Kanpur- Uttar Pradesh on Monday, 16 January 2023. The company reported no loss or injury to human life. The share price of V-Mart is trading 0.19 percent lower at Rs 2804 per share

Best Stock To Buy Now

According to Prabhudas Lilladher ADANI GREEN is the best stock to buy now. It has experienced a reasonable correction from 3050 levels and has found support near 1750 levels ( DOUBLE BOTTOM ), indicating a reversal with a positive candle pattern and a trending breakout. A decisive move past the 200 DMA would improve the bias and allow for anticipation of further upward movement toward higher targets. Prabhudas Lilladher recommends buying and accumulating this stock for an upside target of 2500-2700 levels, with support near 1750.

Also, read Algo Trading Definition: Pros and Cons of Algorithmic trading

Tradingview India Review 2022- You Must Read

If you like the post “Stock Market Live Today: Nifty above 18K, Best stock to buy now” please share it with others

Happy Investing!

Editor’s Desk