Trade Spotlight: How should you trade Union Bank of India, NMDC, Rail Vikas Nigam, City Union Bank, and others on January 29?

Top Buy Ideas on January 29

• Experts suggest top 5 buy ideas for Jan 29 including Union Bank of India, NMDC, Rail Vikas Nigam, City Union Bank

Did our AI summary help?

Equity benchmarks gained six-tenths of a percent, extending the rally for the second straight session, with bulls backing market breadth on January 28. About 2,254 shares advanced, compared to 663 declining shares on the NSE. The market may consolidate after the two-day gains, with support placed at the previous day’s low. Below are some short-term trading ideas to consider:

Rupak De, Senior Technical Analyst at LKP Securities

NMDC | CMP: Rs 81.52

NMDC has moved above the 200 DMA on the hourly chart, indicating an improvement in sentiment. On the daily chart, it has reclaimed the 50 DMA. The trend appears to be strengthening again, and with a positive crossover in the daily RSI, the price may move higher in the coming sessions.

On the higher end, the stock could move towards the Rs 87–90 zone in the short term. On the lower end, support is placed at Rs 78.50; a break below this level may weaken sentiment.

Strategy: Buy

Target: Rs 90

Stop-Loss: Rs 78.50

Rail Vikas Nigam | CMP: Rs 342.5

Rail Vikas Nigam has given a consolidation breakout on the daily chart, suggesting a rise in optimism. Additionally, the price has reclaimed and closed comfortably above the 50 DMA.

The daily RSI has entered a bullish crossover, indicating strengthening momentum. On the higher end, the stock could move towards Rs 360 in the short term. On the lower end, support is placed at Rs 330; a break below this level may weaken sentiment.

Strategy: Buy

Target: Rs 360

Stop-Loss: Rs 330

City Union Bank | CMP: Rs 293.3

City Union Bank has given a consolidation breakout on the daily chart, indicating improving sentiment. The price has been sustaining above the 21 EMA as well as the 50 EMA, confirming strength.

The daily RSI is in a bullish crossover and trending higher. On the higher end, the stock could move towards Rs 330 in the short term. On the lower end, support is placed at Rs 278; a break below this level may weaken sentiment.

Strategy: Buy

Target: Rs 330

Stop-Loss: Rs 278

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Union Bank of India | CMP: Rs 181.93

Union Bank broke out above its major swing high zone of Rs 171–173 on January 14, supported by a clear rise in volumes, signaling a strong breakout. However, the stock failed to show immediate follow-through and retested the breakout zone, which acted as a strong support area as fresh buying interest emerged.

A decisive follow-through move was seen on Wednesday, with the stock closing 3.84 percent higher. The stock continues to trade well above its key short-term and long-term moving averages, and the overall price structure suggests a high probability of further upside in the coming sessions. Hence, we recommend accumulating the stock in the Rs 183–181 zone with a stop-loss of Rs 175. On the upside, it is likely to test the level of Rs 195 in the short term.

Strategy: Buy

Target: Rs 195

Stop-Loss: Rs 175

Power Finance Corporation | CMP: Rs 383.05

PFC had been consolidating in a falling channel since the start of January before staging a decisive breakout, backed by a strong surge in volumes, indicating fresh buying interest. The RSI, which earlier struggled to sustain above the 60 mark, has now firmly moved past this level, signaling a clear pickup in bullish momentum.

The DI+ crossing above DI– on the ADX indicator further confirms strengthening positive trend strength. Additionally, a fresh breakout in the Nifty PSE / Nifty ratio chart suggests potential near-term outperformance, positioning PFC as a likely leader within the sector. Hence, we recommend accumulating the stock in the Rs 385–380 zone with a stop-loss of Rs 370. On the upside, it is likely to test the level of Rs 410 in the short term.

Strategy: Buy

Target: Rs 410

Stop-Loss: Rs 370