Stocks to buy: Ankush Bajaj recommends three stocks for today—15 January

Top-performing indices included the Nifty PSU Bank Index (+4.20%), Nifty Metal Index (+3.98%), Nifty PSE Index (+3.14%), and Nifty Commodities Index (+3.00%). Meanwhile, Nifty IT, FMCG, and Nifty Alpha Low Volatility 30 indices closed in the red. The BSE Sensex posted a gain of 0.22%, closing at 76,499.63.

The top performers among Nifty50 stocks were ADANIENT (+7.05%), HINDALCO (+4.82%), and ADANIPORTS (+5.25%).

The top losers were HCLTECH (-8.52%), HINDUNILVR (-3.35%), APOLLOHOSP (-1.81%), and TITAN (-1.41%).

Indian stock market outlook

As I said in my earlier reports, my view on the Nifty was bearish, and the index has tested 23,134.

At the current level, the index price is significantly below major exponential moving averages (EMAs), and key technical indicators including RSI are in the oversold zone. This suggests a bounce back from the current levels is possible. However, this pullback can be used as a shorting opportunity.

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If the index reaches the 23,350-23,450 range, fresh shorts can be initiated. My bearish view on the index will remain intact as long as it closes below 23,700.

Three stocks to buy, recommended by Ankush Bajaj

Sunpharma: Buy at ₹1,770; Target ₹1,820-1,835 Stop Loss ₹1,723
On the four-hour chart, the stock has tested the recent demand zone between 1,760 and 1,723. Additionally, an RSI divergence is visible on the chart, indicating a potential pullback. We expect the stock to move towards 1820-1835.

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BIOCON:Buy at ₹387.65; Target ₹420-435; Stop Loss ₹370
Despite the sell-off in major sectors, the pharma sector remains intact. Notably, Biocon is trading near its 52-week high, and a rally is anticipated, potentially breaking new highs in the near term.

IEX:Buy at ₹167; Target ₹180; Stop Loss ₹158
After a sell-off from 192, the stock has retested its major demand zone (164-158) and has shown some signs of a pullback. At this level, a long position can be considered with low risk.

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Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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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.