Stocks to buy today: Ankush Bajaj recommends three stocks for 28 February
Source: Live Mint
Market update: Nifty and Nifty Bank analysis for 27 February
On Thursday, the market started on a positive note with a gap-up opening, but this optimism was short-lived as selling pressure took control. Nifty struggled to sustain its gains, with every attempt at recovery being met with aggressive selling, signaling bearish dominance. Heavyweight stocks weighed on the index, leading to a weak close and reinforcing negative sentiment. The Nifty 50 closed 2.50 points lower at 22,545.35 (-0.01%), while the Nifty Bank closed 135.45 points higher at 48,743.80 (0.28%).
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There was heavy selling across sectors, with reality (-2.09%), auto (-1.51%), and energy (-1.16%) taking the biggest hits. Only a few sectors managed to stay in the green, including finance (0.60%), metal (0.50%), and banking (0.28%).
Among the Nifty 50 stocks, only a few managed to close higher, including Shriram Finance (+5.67%), Bajaj Finserv (+2.69%), and Bajaj Finance (+2.55%). The broader market remained under strong selling pressure, with Ultratech Cement (-4.71%), Trent (-3.12%), and Bajaj Auto (-2.20%) leading the decline.
Indian stock market outlook
As discussed earlier, Nifty remained weak as long as it stayed below 22,800, and the market followed the expected movement. With yesterday’s expiry, we saw a range-bound session, aligning with the maximum open interest (OI) levels at 22,700 CE and 22,600 PE. Eventually, Nifty closed at 22,545, confirming the levels discussed.
Looking ahead, as long as Nifty does not close above 22,800, the downside target of 22,000-22,100 remains open. Any break below these levels could further intensify selling pressure.
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Three stocks to buy, recommended by Ankush Bajaj
Bajaj Finance
Buy at ₹8,705 | Target ₹8,950-9,020 | Stop loss ₹8,500
The stock has touched a new lifetime high amid a bearish market, which indicates strong bullish momentum.If the stock sustains above 8,732, it will form a bullish flag on the 15-minute timeframe, with an upside target of 9,000. Keep an eye on this stock.
Cholamandalam Financial Holdings
Buy at ₹1,636 | Target ₹1,750-1,775 | Stop loss ₹1,552
After forming a base at ₹1,380, the stock has had a decent rally up to ₹1,635. Following strong consolidation between ₹1,380 and ₹1,600, it has now seen a breakout, and I expect the rally to continue towards ₹1,770.
Newgen Software
Buy at ₹3,797 | Target ₹3,925-3,950 | Stop loss ₹3,697
The stock has formed a double bottom and has also broken the upper channel of a falling wedge, indicating a potential reversal. However, as it is still in a downtrend, it is crucial to maintain a strict stop-loss.
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Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
