Stocks to buy: Ankush Bajaj recommends three stocks for today—29 January
Subscribe to enjoy similar stories. On 28 January, the market opened with a gap-up, with bulls dominating the session throughout the day. The Nifty closed up by 128 points at 22,957 (+0.56%), while the Bank Nifty closed 802 points higher at 48,855 (+1.67%).
Major sell-offs were observed in pharma (-2.30%), energy (-1.30%), and media (-1.20%). The top-performing sectors included realty (+2.17%), finance (+1.89%), and the Bank Nifty (+1.67%). The top performers in the Nifty 50 stocks were Bajaj Finance (+4.26%), Axis Bank (+3.77%), Shriram Finance (+3.61%), and Bajaj Fiserv (+3.35%).
On the other hand, the top losers in the market were Sun Pharma (-4.50%), Britannia (-2.20%), and Hindalco (-2.20%). Bullish sentiment dominated the market, fueled by ICICI Bank's stellar results and the Reserve Bank of India's liquidity infusion, which created a conducive environment for financial and banking stocks to outperform. Despite a global sell-off, the Indian market showed resilience and rallied.
On the hourly timeframe, the Nifty is trading below all major EMAs (20, 50, 100, 200), indicating weakness. Additionally, the weekly and monthly expiry for the Nifty is lined up this week. The open interest (OI) data shows significant activity on 23,000 CE and 23,000 PE, making 23,000 a crucial psychological level for market participants, suggesting a tough battle between bulls and bears.
-If the Nifty sustains above 23,000, the market can expect a rally towards 23,300-23,450. -If the Nifty slips below 23,000, levels around 22,760 may be seen soon. Bajaj Finserv Ltd: Buy at ₹1,768 | Target ₹1,786-1,795 | Stop loss ₹1,752.
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