Stocks to buy: Ankush Bajaj recommends three stocks for today—17 January
Nifty 50 and Bank Nifty analysis
Today’s market session began with a gap-up opening at 23,377 (+163 points). The index subsequently declined 119 points from the opening level to 23,272 but rebounded to close at 23,311. Meanwhile, the BSE Sensex closed at 79,943.71, down by -0.42%.
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Nifty PSU Bank, Nifty Metal, and Nifty MicroCap 250 outperformed the market and closed in green.
The top performers among Nifty 50 stocks were HDFC Life Insurance Co. Ltd (+7.99%), Bharat Electronics Ltd (+3.60%), Sbi Life Insurance Co. Ltd (+2.77%), and Shriram Finance Ltd (+2.55%).
On the other hand, the top losers in the market were Trent Ltd (-2.51%) and Dr. Reddy’s Laboratories Ltd (-2.58%).
Indian stock market outlook
As discussed earlier, the market is in an oversold zone, and all major EMAs are indicating a downside. We can expect only a small pullback, likely in the range of 23,480-23,550. While the overall view remains bearish, it is worth noting that the RSI on the hourly chart is above 50, which could signal some bullish momentum in the short term.
However, the major trend remains bearish, and any pullback can be used as a shorting opportunity.
Three stocks to buy, recommended by Ankush Bajaj
Redington Ltd: Buy at ₹216.40; Target ₹227-232; Stop loss ₹209.
The stock performed well yesterday, rallying 4.67% and successfully closing above the important ₹211 level. The volume was strong, and the stock managed to close above the trend line. This indicates bullish momentum, and a good rally is expected in the near term.
BSE Ltd: Buy at ₹5,994; Target ₹6,220-6,250; Stop loss ₹5,800.
Despite broader market weakness, the stock on BSE managed to close at a new lifetime high. This rally is expected to continue for a few more days. Traders can consider initiating a long position with a small stop loss.
Indus Towers Ltd: Buy at ₹354.60; Target ₹362-366; Stop loss ₹348.
If we look at the 1-hour chart, the stock has closed above the downward channel trendline, accompanied by a spike in volume. Additionally, momentum indicators like RSI are also trending upward. This suggests a bullish setup, and we can consider going long with a small stop loss.
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.
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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.
