Stock Market Recommendations for January 22, 2025
On January 22, 2025, Mehul Kothari, DVP – Technical Research at Anand Rathi Shares and Stock Brokers, has identified three top stock picks for the day. These recommendations include MedPlus Health Services, CCL Products, and IRCTC.
MedPlus Health Services: Buy above Rs 770
MedPlus Health Services stock recently experienced a correction from its peak of ₹880, dropping below the ₹760 mark and retracing 50% of its previous rally. However, there are indications of a potential reversal with the formation of a bullish candlestick pattern. Traders are advised to consider long positions above ₹770, targeting a price of ₹810, while maintaining a stop-loss at ₹750.
CCL Products: Buy above Rs 645
CCL Products saw a decline from a high of ₹844, reaching the ₹600 zone and entering an oversold territory on both intraday and daily timeframes. The range of ₹600-₹620 has historically acted as a strong demand zone during previous rallies. A breakout above ₹645 could signal a potential rebound, with traders recommended to initiate long positions above this level, aiming for a target of ₹695 and setting a stop-loss at ₹620.
IRCTC: Buy between Rs 780-785
On January 14, 2025, IRCTC formed a bullish harami pattern near a critical historical support level from September 2023, suggesting a potential trend reversal. This pattern was followed by a 7% rally, supported by a bullish RSI divergence, indicating a shift in momentum. Traders can consider long positions in the zone of ₹780-785, targeting an upside of ₹860, with a stop-loss at ₹745.
Disclaimer: The opinions, analyses, and recommendations expressed are those of the brokerage and do not reflect the views of The Times of India. It is advisable to consult with a qualified investment advisor or financial planner before making any investment decisions.
