Stocks to buy: Ankush Bajaj recommends three stocks for today—23 January
Subscribe to enjoy similar stories. The market commenced trading with a 62-point gap up at 23,115 and touched an intraday low of 22,981.30. It subsequently witnessed a sharp reversal, surging upwards to close at 23,161.75 The BSE Sensex closed at 76,404.99, up 0.75%.
Nifty Realty, Nifty Alpha-50 and Nifty Media indices underperformed the market and closed in the red. Also read | Oberoi Realty: Why investors have little room for optimism The top performers among Nifty50 stocks were WIPRO (+3.87%), INFY (+3.10%), TCS (+2.88%) and TECHM (+2.36%). The top losers wereBEL (-3.01%), TATA Motors (-2.16%) and TRENT (-1.95%).
The Nifty has been testing 23,000 repeatedly. If it closes below this, further downside can be expected. From a technical perspective, the index is trading below major exponential moving averages (EMAs).
A relief rally is visible on the hourly chart, but a clear bullish trend will only emerge if Nifty closes above 23,600. Also read | Dixon Tech: A flurry of acquisitions, collaborations, and capacity expansions After a gap-up opening, the stock rallied almost 4.5% yesterday and closed above 11,000, holding that level firmly. Momentum in the stock remains positive, indicating a good bullish trade setup.
The IT index outperformed the market, with Wipro stock rallying almost 3.6%. It is expected to touch 325-335. Additionally, the RSI is above 60 on the hourly charts, indicating bullish momentum in the stock.
HDFC Bank posted strong numbers, and the rally is expected to continue for a few days. The stock has bounced back from a strong demand zone of ₹1620-1640. This rally could extend beyond ₹1,700, making for a good long trade with low risk.
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