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Stocks to buy: Ankush Bajaj recommends three stocks for today—6 January
Source: Live Mint
Nifty and Bank Nifty: Indian equity benchmark indices were dragged lower by IT and financial sectors on Friday, 3 January. The Nifty 50 index dropped 0.76% to 24,004.75 points, while the BSE Sensex fell 0.9% to 79,223.11 points. The financial sector fell 1.13%, and the IT sector lost 1.41%, reversing gains from the previous session.
The top performers in Nifty 50 stocks were ONGC (+5.21%), Tata Motors (+3.31%), Titan(+1.85%) and SBI Life (+1.79%). The top losers were Wipro (-3.08%), HDFC Bank (-0.14%), Tech Mahindra(-2.17%), Adani Ports (-2.16%) and ICICI Bank (-1.98%)
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Indian stock market outlook: Last week, the market opened lower and retested the low of 23,500. After that, we witnessed a strong recovery, pushing the Nifty up to 24,200. However, on Monday, the market experienced some selling pressure.
From a technical perspective, on the daily chart, the Nifty broke below the 50-day simple moving average (SMA) but managed to close above the 200-day SMA. This is a significant signal for the bulls, indicating potential support at the 23,500 level.
For the bullish trend to continue with conviction, the market must sustain above 25,200, which is the recent high. Until then, cautious optimism remains, with 23,500 acting as a key support level.
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Three stocks to buy, recommended by Ankush Bajaj:
Hudco: Buy at ₹245.90; Target ₹287-295; Stop Loss ₹222.
On the hourly chart, the stock is trading above multiple moving averages. Additionally, strong buying interest has been observed from the ₹225 level, indicating the potential for this rally to continue in the coming days.
ONGC: Buy at ₹259; Target ₹285-295; Stop Loss ₹249.
The short to medium-term technical indicators for ONGC suggest a bullish trend, with the stock trading above key short-term moving averages and exhibiting positive momentum signals.
IGL: Buy at ₹441; Target ₹490-510; Stop Loss ₹408.
The stock has broken out of a head and shoulders pattern and closed above the 200 EMA on the hourly chart, making it a strong candidate for long positions in the near term.
Also Read: Investing in 2025: How often should you rebalance your portfolio?
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.
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